Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) today announced the
formation of Regeneron Cell Medicines based on an agreement with
2seventy bio, Inc. to acquire full development and
commercialization rights to its pipeline of investigational novel
immune cell therapies, along with its discovery and clinical
manufacturing capabilities. 2seventy bio employees who support the
acquired programs will join Regeneron Cell Medicines, a newly
formed research & development (R&D) unit to advance cell
therapies and combination approaches in oncology and immunology.
“Regeneron and 2seventy share a relentless commitment to push
the boundaries of science in pursuit of therapies that can improve
people’s lives. Our expertise in antibody technologies and emerging
genetics capabilities, combined with 2seventy’s cell therapy
platforms, presents a significant opportunity to address cancer and
other serious diseases in new and impactful ways,” said George D.
Yancopoulos, M.D., Ph.D., Board Co-Chair, Co-Founder, President and
Chief Scientific Officer of Regeneron. "By integrating 2seventy’s
pipeline of cell therapies and their talented team, we are
complementing our own expertise and portfolio of innovative
immuno-oncology treatments, which will allow for potentially
transformative combinations that can really make a difference in
patients’ lives.”
In 2018, Regeneron and bluebird bio (which subsequently spun out
2seventy bio in 2021) entered into an agreement to leverage their
complementary technologies to discover novel cell therapy
approaches to address cancer. Under the original agreement,
Regeneron had the right to opt-in to a
co-development/co-commercialization arrangement for collaboration
targets. Under the terms of the new agreement, Regeneron will
acquire full development and commercialization rights of 2seventy
bio’s preclinical and clinical stage pipeline and will assume
ongoing program, infrastructure and personnel costs related to
these programs. There will be an upfront payment of $5 million and
a single milestone payment from Regeneron to 2seventy bio for the
first major market approval of the first approved product.
Regeneron will pay 2seventy bio a low single-digit percent royalty
on revenues generated by the products. The transaction is expected
to close in the first half of 2024 subject to certain closing
conditions including SEC-filings required by 2seventy bio and
landlord consent of the sublease agreements.
To realize the full potential of these programs and
capabilities, Regeneron Cell Medicines has been created to advance
the next generation of cell therapies and explore combinations with
Regeneron’s proprietary antibodies and bispecifics. An estimated
150 employees from 2seventy bio will transition to Regeneron to
continue their work on cell therapy programs and will remain
located in Cambridge, MA and Seattle, WA. Philip Gregory, D.Phil.,
currently the Chief Scientific Officer of 2seventy bio, will be
appointed Senior Vice President and Head of Regeneron Cell
Medicines upon closing of the transaction.
“Being part of Regeneron not only supercharges our ability to
execute on our current portfolio of CAR T and T cell receptor
programs but also creates unique opportunities for the combination
of cell-based medicines with antibodies and other Regeneron
biologics. Moreover, we can immediately build upon the strength of
our longstanding relationship and our shared innovation-focused and
science-driven approach to create new medicines for patients in
need,” said Philip Gregory, D.Phil., who, as noted above, will be
appointed Senior Vice President, Head of Regeneron Cell Medicines.
“We are excited to join an organization with decades of proven
scientific innovation and the resources and visionary mindset to
make Regeneron Cell Medicines a success.”
About Regeneron Regeneron (NASDAQ: REGN) is a
leading biotechnology company that invents, develops and
commercializes life-transforming medicines for people with serious
diseases. Founded and led for over 35 years by
physician-scientists, our unique ability to repeatedly and
consistently translate science into medicine has led to numerous
FDA-approved treatments and product candidates in development,
almost all of which were homegrown in our laboratories. Our
medicines and pipeline are designed to help patients with eye
diseases, allergic and inflammatory diseases, cancer,
cardiovascular and metabolic diseases, hematologic conditions,
infectious diseases and rare diseases.
Regeneron is accelerating and improving the traditional drug
development process through our proprietary VelociSuite®
technologies, such as VelocImmune®, which uses unique genetically
humanized mice to produce optimized fully human antibodies and
bispecific antibodies, and through ambitious research initiatives
such as the Regeneron Genetics Center®, which is conducting one of
the largest genetics sequencing efforts in the world.
For more information, please visit www.Regeneron.com or follow
@Regeneron on LinkedIn. Regeneron Forward-Looking
Statements and Use of Digital Media This press
release includes forward-looking statements that involve risks and
uncertainties relating to future events and the future performance
of Regeneron Pharmaceuticals, Inc. (“Regeneron” or the “Company”),
and actual events or results may differ materially from these
forward-looking statements. Words such as “anticipate,” “expect,”
“intend,” “plan,” “believe,” “seek,” “estimate,” variations of such
words, and similar expressions are intended to identify such
forward-looking statements, although not all forward-looking
statements contain these identifying words. These statements
concern, and these risks and uncertainties include, among others,
Regeneron’s agreement with 2seventy bio, Inc. (“2seventy bio”) as
discussed in this press release to acquire full development and
commercialization rights to 2seventy bio’s pipeline of
investigational novel immune cell therapies and its discovery and
clinical manufacturing capabilities (the “Acquisition”); the
likelihood and timing of the closing of the Acquisition, including
the possibility that various closing conditions for the Acquisition
may not be satisfied or waived; risks related to Regeneron’s
ability to realize the anticipated benefits of the Acquisition,
including the possibility that the expected benefits from the
Acquisition will not be realized or will not be realized within the
expected time period; significant transaction costs and unknown
liabilities; the risk of litigation and/or regulatory actions
related to the Acquisition; the nature, timing, and possible
success and therapeutic applications of products marketed or
otherwise commercialized by Regeneron and/or its collaborators or
licensees (collectively, “Regeneron’s Products”) and product
candidates being developed by Regeneron and/or its collaborators or
licensees (collectively, “Regeneron’s Product Candidates”) and
research and clinical programs now underway or planned, including
without limitation the cell therapies and combination approaches in
oncology and immunology to be advanced by Regeneron Cell Medicines,
a newly formed R&D unit in connection with Acquisition;
uncertainty of the utilization, market acceptance, and commercial
success of Regeneron’s Products and Regeneron’s Product Candidates
and the impact of studies (whether conducted by Regeneron or others
and whether mandated or voluntary) on any of the foregoing; the
ability of Regeneron’s collaborators, licensees, suppliers, or
other third parties (as applicable) to perform manufacturing,
filling, finishing, packaging, labeling, distribution, and other
steps related to Regeneron’s Products and Regeneron’s Product
Candidates; the ability of Regeneron to manage supply chains for
multiple products and product candidates; safety issues resulting
from the administration of Regeneron’s Products and Regeneron’s
Product Candidates in patients, including serious complications or
side effects in connection with the use of Regeneron’s Products and
Regeneron’s Product Candidates in clinical trials; determinations
by regulatory and administrative governmental authorities which may
delay or restrict Regeneron’s ability to continue to develop or
commercialize Regeneron’s Products and Regeneron’s Product
Candidates; ongoing regulatory obligations and oversight impacting
Regeneron’s Products, research and clinical programs, and business,
including those relating to patient privacy; the availability and
extent of reimbursement of Regeneron’s Products from third-party
payers, including private payer healthcare and insurance programs,
health maintenance organizations, pharmacy benefit management
companies, and government programs such as Medicare and Medicaid;
coverage and reimbursement determinations by such payers and new
policies and procedures adopted by such payers; competing drugs and
product candidates that may be superior to, or more cost effective
than, Regeneron’s Products and Regeneron’s Product Candidates; the
extent to which the results from the research and development
programs conducted by Regeneron and/or its collaborators or
licensees may be replicated in other studies and/or lead to
advancement of product candidates to clinical trials, therapeutic
applications, or regulatory approval; unanticipated expenses; the
costs of developing, producing, and selling products; the ability
of Regeneron to meet any of its financial projections or guidance
and changes to the assumptions underlying those projections or
guidance; the potential for any license, collaboration, or supply
agreement, including Regeneron’s agreements with Sanofi and Bayer
(or their respective affiliated companies, as applicable) to be
cancelled or terminated; the impact of public health outbreaks,
epidemics, or pandemics (such as the COVID-19 pandemic) on
Regeneron’s business; and risks associated with intellectual
property of other parties and pending or future litigation relating
thereto (including without limitation the patent litigation and
other related proceedings relating to EYLEA® (aflibercept)
Injection), other litigation and other proceedings and government
investigations relating to the Company and/or its operations, the
ultimate outcome of any such proceedings and investigations, and
the impact any of the foregoing may have on Regeneron’s business,
prospects, operating results, and financial condition. A more
complete description of these and other material risks can be found
in Regeneron’s filings with the U.S. Securities and Exchange
Commission. Any forward-looking statements are made based on
management’s current beliefs and judgment, and the reader is
cautioned not to rely on any forward-looking statements made by
Regeneron. Regeneron does not undertake any obligation to update
(publicly or otherwise) any forward-looking statement, including
without limitation any financial projection or guidance, whether as
a result of new information, future events, or otherwise.
Regeneron uses its media and investor relations website and
social media outlets to publish important information about the
Company, including information that may be deemed material to
investors. Financial and other information about Regeneron is
routinely posted and is accessible on Regeneron’s media and
investor relations website (https://investor.regeneron.com) and its
LinkedIn page
(https://www.linkedin.com/company/regeneron-pharmaceuticals).
Media Contact:Tina Parisi Tuttle,
RegeneronTel: +1
973-975-9357Tina.ParisiTuttle@regeneron.com
Investor Relations:Vesna Tosic,
RegeneronTel: +1 914-847-5443Vesna.Tosic@regeneron.com
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