Regeneron Pharmaceuticals (NASDAQ:REGN) has entered into a strategic collaboration with Telix Pharmaceuticals (NASDAQ:TLX) to develop and commercialize radiopharmaceutical therapies targeting cancer.
As part of the agreement, Telix will receive an initial $40 million payment covering four early-stage therapeutic programs. Both companies will jointly fund development and split any resulting profits equally, while Telix will retain co-promotion rights for selected products. Regeneron also holds the option to extend the partnership to include four additional programs, which would trigger further upfront payments.
If Telix opts out of co-funding any specific program, it would instead be eligible for milestone payments of up to $535 million tied to development and commercialization, along with low double-digit royalties on net sales. Across all programs, total potential milestone payments could reach $2.1 billion.
The partnership brings together Regeneron’s expertise in antibody discovery and oncology with Telix’s capabilities in radiopharmaceutical development and manufacturing. The initial focus will be on multiple solid tumor targets derived from Regeneron’s antibody pipeline, including those developed using its VelocImmune platform.
In addition to therapeutics, the companies plan to co-develop diagnostic imaging tools to support patient selection and monitor treatment response. Telix will lead the commercialization of these diagnostic products, while Regeneron will receive a share of the associated profits.
“Targeted radiopharmaceuticals represent a rapidly emerging frontier in oncology and an exciting opportunity to bring new treatment options to patients in need,” said John Lin, Senior Vice President of Oncology & Antibody Technology Research at Regeneron.
The collaboration also provides Regeneron with the opportunity to explore combining radiopharmaceutical approaches with its existing immunotherapy portfolio, particularly in indications such as lung cancer, where its PD-1 inhibitor is already established as a standard-of-care treatment.