Regeneron agreed to invest in Tessera Therapeutics and to jointly develop TSRA‑196, a gene‑writing candidate designed to correct mutations that cause alpha‑1 antitrypsin deficiency (AATD). Regeneron will provide $150 million upfront in cash and equity and share development costs and future profits; Tessera will lead the first‑in‑human trial with Regeneron handling global development and commercialization. The collaboration pairs Regeneron’s development and commercial infrastructure with Tessera’s in vivo Gene Writing and nonviral delivery platforms. Reports and deal summaries emphasized the potential for a one‑time durable therapy for a monogenic lung and liver disease and noted milestone and profit‑share mechanics disclosed in company statements.