Regeneron struck a collaboration with Parabilis Medicines to pursue new drugs across five undisclosed targets using Parabilis’ Helicon peptide platform. The structure includes $125 million upfront plus up to about $2.2 billion in potential milestone payments and tiered royalties. The deal follows recent setbacks for Regeneron’s own immuno-oncology pipeline, and it signals a shift toward more target-access and delivery-focused modality development. For Parabilis, the financing and milestone pathway provides continued runway while it translates Helicon into oncology candidates. Because the targets remain undisclosed, the near-term value for both companies hinges on target validation and how Helicon-derived drugs perform in preclinical-to-clinical progression.