Regeneron Pharmaceuticals, Inc. (REGN) announced the formation of Regeneron Cell Medicines based on an agreement with 2seventy bio, to acquire full development and commercialization rights to its pipeline of investigational immune cell therapies. An estimated 150 employees from 2seventy bio will transition to Regeneron. Philip Gregory, currently the Chief Scientific Officer of 2seventy bio, will be appointed Senior Vice President and Head of Regeneron Cell Medicines.
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 the programs. The deal will include 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.
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