Regeneron struck a strategic collaboration with Tessera Therapeutics centered on TSRA‑196, a gene‑writing therapy designed to correct alpha‑1 antitrypsin deficiency (AATD). Regeneron will pay Tessera $150 million upfront (cash plus equity) and share development costs; Tessera is eligible for an additional $125 million in near‑ and mid‑term milestones. Tessera will lead the first‑in‑human trial for TSRA‑196 using its Gene Writing platform and nonviral delivery tech; Regeneron will take on global development and commercialization after early clinical stages. The program targets a one‑time correction of the underlying AATD mutation to restore durable alpha‑1 antitrypsin production. The deal mixes Regeneron’s late‑stage development and commercial scale with Tessera’s in‑vivo genome‑writing approach, signaling continued industry appetite for in‑body editing strategies for monogenic lung and liver diseases.