Regeneron and Tessera Therapeutics struck a strategic collaboration worth $150 million upfront to co‑develop TSRA‑196, a gene‑writing therapeutic candidate for alpha‑1 antitrypsin deficiency (AATD). Tessera will lead the first‑in‑human trial and Regeneron will take over global development and commercialization; the deal includes near‑term and mid‑term milestones and shared costs/profits. The program leverages Tessera’s gene‑writing platform and nonviral delivery efforts to attempt a one‑time corrective intervention for AATD, a monogenic disease affecting lung and liver function.