Regeneron Pharmaceuticals struck a $150 million collaboration with Tessera Therapeutics to develop and commercialize TSRA-196, a near-clinic in vivo gene-writing candidate for alpha-1 antitrypsin deficiency (AATD). The agreement gives Regeneron rights to Tessera’s gene-writing platform and funds late-stage development and potential commercialization. Tessera’s approach aims to install durable single‑dose genetic fixes in target tissues—a technical divergence from conventional ex vivo editing. The deal signals big‑pharma confidence in gene-writing as a ‘‘one-and-done’’ modality and accelerates clinical plans for an inherited lung‑and‑liver disorder with high unmet need.