Tessera Therapeutics and Regeneron Pharmaceuticals signed a multi-million dollar collaboration to develop TSRA-196, Tessera’s near-clinic in vivo gene-writing candidate for alpha-1 antitrypsin deficiency (AATD). The deal includes a $150 million upfront commitment and joint development responsibilities. Regeneron will share development and commercialization duties while Tessera supplies the gene-writing platform and the TSRA-196 program. The transaction signals big biopharma appetite for in vivo gene editing and brings substantial capital and clinical development expertise to a technology that aims for one‑time corrections of genetic disease. Investors and competitors will watch clinical and manufacturing milestones closely; regulatory clarity for gene-writing modalities and on-target durability remain critical next steps.