Regeneron entered radiopharmaceuticals through a collaboration with Telix Pharmaceuticals, agreeing to develop and co-commercialize multiple next-generation radiopharmaceutical programs. The deal structure pairs shared investment and economics, with Telix receiving an AU$57 million upfront payment for an initial set of solid-tumor targets drawn from Regeneron’s antibody portfolio. The partnership is not framed as a single license; Regeneron and Telix plan to co-develop and co-commercialize programs on a 50/50 cost- and profit-sharing model. The companies also included an option to extend the scope to additional programs. Regeneron’s move reflects a broader push by established biopharmas to add differentiated theranostics platforms beyond conventional antibody and small-molecule franchises. For Telix, the agreement provides scale and downstream commercialization pathways across multiple assets. The next inflection points will be selection of lead programs, trial start decisions, and the translation of target biology into radiochemistry feasibility and clinical differentiation.