Regeneron agreed to a strategic collaboration and equity investment in Tessera Therapeutics worth $150 million upfront to co‑develop TSRA‑196, a gene‑writing candidate for alpha‑1 antitrypsin deficiency (AATD). Tessera will lead first‑in‑human studies and Regeneron will take responsibility for global development and commercialization thereafter, with additional milestone payments and shared profits under the deal. The program pairs Regeneron’s development and commercial scale with Tessera’s Gene Writing technology and nonviral delivery platform, targeting a one‑time corrective therapy for a monogenic liver and lung disease affecting roughly 200,000 patients in the US and Europe. Tessera said it will file an IND and other regulatory applications by year‑end to initiate clinical work. The structure—large upfront cash plus shared costs and milestones—signals continued big‑pharma interest in next‑generation in vivo gene‑editing platforms and nonviral delivery as a route to durable treatments for inherited disorders.