-- Telix Pharmaceuticals (ASX:TLX) said it entered into a collaboration with Nasdaq-listed Regeneron Pharmaceuticals to jointly develop and commercialize next-generation radiopharmaceutical therapies, according to a Monday Australian bourse filing.
Under the deal, Telix will receive $40 million upfront for four initial programs, the filing said. The collaboration will combine Telix's expertise in radiopharmaceutical development and manufacturing with Regeneron's antibody discovery and oncology experience.
Telix said it has the option to co-fund commercialization and profit-share, or earn up to an aggregate of $2.1 billion in development and commercial milestone payments plus low double-digit royalties.
Should Telix opt out of the co-funding model for a particular program, it is instead eligible to receive up to $535 million in development and commercial milestones plus low double-digit royalties on future net sales for that program, per the filing.
The companies will also jointly develop diagnostic assets, with Telix leading the commercialization and Regeneron receiving a set percentage of profits, the filing said.