Regeneron and Tessera struck a partnership worth $150 million upfront to develop TSRA-196, a gene-writing therapy designed to correct the mutation that causes alpha-1 antitrypsin deficiency (AATD). Tessera will lead the first-in-human trial while Regeneron will share global development costs and oversee later-stage development and commercialization. The deal includes near- and mid-term milestone payments and profit sharing; Tessera said it will file an IND and multiple CTAs by year-end. The collaboration pairs Tessera’s Gene Writing and nonviral delivery technologies with Regeneron’s genetic medicine development and commercialization infrastructure, aiming for a one-time durable correction of the causal mutation.