Regeneron put $40 million on the table Sunday to partner with Telix Pharmaceuticals, the Australian biotech with one of the more active radiopharmaceutical development engines outside of Novartis. The full deal: up to $4.3 billion in milestones if Regeneron exercises all eight program slots.
The structure is a 50/50 cost-and-profit split on four initial programs. Regeneron holds options on four more. If Telix opts out of cost-sharing on any program, it collects up to $535 million in milestones plus low double-digit royalties for that program instead. Telix was up 7% in pre-market trading Monday.
For comparison: AstraZeneca bought Fusion Pharmaceuticals for $2.4 billion in March 2024, and Bristol Myers Squibb bought RayzeBio for $4.1 billion in December 2023. BMS’s Phase 3 trial for RayzeBio’s lead asset was paused in 2024 due to supply issues. Regeneron’s deal is cheaper upfront, but it doesn’t lock in a specific lead asset either.
What does Regeneron actually get? The companies will use Telix’s development engine alongside Regeneron’s antibody portfolio, including bispecifics, to target “multiple solid tumor targets.” No specific indications disclosed.
The rationale isn’t hard to read. Novartis’s Pluvicto hit $1.99 billion in 2025 sales, up 42% year-on-year. Lutathera added another $816 million. Regeneron’s watching those numbers.
No partnership close date was announced. The open question: Regeneron’s buying into a race where Eli Lilly’s $1.4 billion Point Biopharma deal largely disappointed. What does the antibody angle actually change?
Diana Kowalski