At a Glance
- Companies: Regeneron and Parabilis Medicines
- Deal value: Up to $2.3 billion
- Focus area: Antibody-Helicon conjugates and Helicon peptides
- Therapeutic aim: Intracellular, historically “undruggable” targets
- Next steps: Discover five initial targets and advance them under Regeneron
What happened?
Regeneron has agreed a collaboration with Parabilis Medicines to discover and develop a new class of therapies based on Parabilis’ Helicon platform. The deal centres on antibody-Helicon conjugates, or AHCs, which pair antibodies with stabilised, cell-penetrant peptides designed to reach intracellular targets.
Why does it matter?
The partners are trying to go after proteins that conventional small molecules and biologics struggle to bind, which could open up new drug options in oncology and other diseases. If the platform works, it could extend the logic of ADCs into intracellular biology rather than limiting payload delivery to cancer-killing toxins.
Who’s behind it?
Regeneron will lead development, manufacturing and commercialisation of candidates that emerge from the collaboration. Parabilis, previously known as FogPharma, contributes its Helicon peptide technology, while Regeneron brings its antibody discovery engine and commercial infrastructure.
How was it achieved?
The deal covers five initial targets and includes $50 million upfront plus a $75 million equity investment from Regeneron. Beyond that, Parabilis could receive up to $2.2 billion in development, regulatory and commercial milestones, plus royalties, with Regeneron able to add more targets later.
What’s next?
The companies will start work on the first five targets and evaluate Helicons both as standalone molecules and as part of AHCs. Regeneron’s next task is to turn the platform into a viable development programme that can support manufacturing, clinical testing and eventual commercialisation.