Regeneron and Tessera signed a collaboration that delivers $150 million up front to Tessera to co-develop TSRA-196, a gene-writing therapy targeting alpha-1 antitrypsin deficiency (AATD). The deal pairs Regeneron’s clinical and commercialization infrastructure with Tessera’s Gene Writing technology and nonviral delivery platforms. Tessera will lead the first-in-human trial and both parties will share global development costs and profits equally. TSRA-196 aims to permanently correct the mutation that causes AATD and restore functional alpha-1 antitrypsin protein production. Tessera said it will file an IND and multiple CTAs by year-end based on encouraging in vivo data; Regeneron will lead later-stage development and commercialization. The agreement includes $125 million in near- and mid-term milestones on top of the upfront payment. The transaction highlights major venture-pharma interest in one-time genomic medicines and nonviral editing approaches, and it gives Regeneron a foothold in the emerging gene-writing modality for a defined monogenic lung-and-liver disease affecting roughly 200,000 people in the US and Europe.