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  • Regeneron goes all in on $2.1B radiopharma deal & AbbVie strikes up to $745M deal for non-opioid pain drugs

Regeneron goes all in on $2.1B radiopharma deal & AbbVie strikes up to $745M deal for non-opioid pain drugs

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Joachim Eeckhout & Eduardo Longoria
April 14, 2026

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SNAPSHOT

Regeneron goes all in on radiopharma with up to $2.1B Telix deal

Regeneron is entering radiopharmaceuticals via a partnership with Australia’s Telix, paying $40M upfront to develop up to four cancer programs, with potential total milestone payments reaching $2.1B.

Why it matters: Radiopharma is a fast-growing cancer treatment frontier, and this move positions Regeneron to expand beyond antibodies into targeted radiation therapies, potentially boosting outcomes when combined with its blockbuster drug Libtayo.

Backstory: Regeneron has been diversifying its pipeline, recently making waves in obesity drugs through a GLP-1/GIP deal. Meanwhile, Telix has been building a vertically integrated radiopharma platform through acquisitions and infrastructure expansion after shelving a planned IPO.

Big picture: Pharma companies are racing to combine modalities, immunotherapy, biologics, and now radiopharma, to tackle hard-to-treat cancers. This deal reflects a broader shift toward precision oncology and combination therapies.

Zoom in: Under the agreement, Regeneron will choose the targets from its antibody portfolio, while Telix will help advance the programs using its radiopharma manufacturing platform.

What’s next: If products reach the market, the companies can split global commercialization costs and profits equally. Telix can also opt out of that model and instead receive up to $535 million per program in development and commercial milestones, plus low double-digit royalties.

SNAP AGAIN

AbbVie strikes up to $745M deal with Haisco for non-opioid pain drugs

Handshake

AbbVie will pay $30M upfront to China’s Haisco for ex-China rights to two NaV1.8-targeting pain drugs, with total deal value reaching $745M including milestones.

Why it matters: The deal strengthens AbbVie’s push into safer, non-opioid pain treatments, an area of high demand amid ongoing concerns about opioid addiction and limited alternatives.

Zoom in: The licensed assets, HSK55718 (phase 1, intravenous) and HSK51155 (preclinical, oral), target the NaV1.8 sodium channel, which is mainly involved in transmitting pain signals in nerve cells. The approach is designed to block pain more precisely and avoid the addiction risks associated with opioids.

Backstory: Drugmakers are racing to develop NaV1.8 inhibitors. Vertex led the field with its 2025 approval of Journavx, while Eli Lilly and others have also entered the space through acquisitions.

Big picture: The opportunity comes with risk. While Journavx has shown early commercial traction, follow-on NaV1.8 programs (including Vertex’s own next-gen candidate) have stumbled in trials, underscoring the challenge of translating the mechanism into consistent clinical success.

What’s next: AbbVie will advance both candidates into clinical development globally, aiming to validate efficacy and compete with existing NaV1.8 drugs like Vertex’s Journavx.

SNIPPETS

What’s happening in biotech today?

💥 RAS revolution: Revolution Medicines reported that its pan-RAS inhibitor daraxonrasib met key endpoints in a phase 3 trial for previously treated metastatic pancreatic ductal adenocarcinoma, extending median overall survival to 13.2 months compared with 6.7 months for standard chemotherapy. While progression-free survival data were not disclosed, the company said both primary endpoints were achieved in patients with RAS G12 mutations and that the drug showed a manageable safety profile. Revolution now plans to submit the data to regulators.

🌿 UC gains: Spyre Therapeutics reported positive phase 2 results for its anti-α4β7 antibody SPY001 in moderately to severely active ulcerative colitis, achieving a statistically significant 9.2-point reduction in disease activity at 12 weeks, along with a 40% clinical remission rate and 51% endoscopic improvement rate. The drug showed a safety profile consistent with its class and no serious treatment-related adverse events. Spyre argues these results support SPY001’s potential to outperform Takeda’s Entyvio, citing its longer half-life and higher exposure, which could enable less frequent dosing and improved efficacy. Additional data from combination studies in the Skyline trial are expected later in 2026.

⚠️ Trial trouble: The FDA has issued a second rejection of Replimune’s melanoma therapy RP1, citing insufficient evidence of effectiveness and unaddressed concerns about trial design, despite the company submitting additional analyses after an initial rejection eight months earlier. The decision highlights ongoing tensions between biotech firms and regulators, with Replimune arguing it faced inconsistent feedback and a shifting review process, while the FDA maintains its concerns were clearly communicated. The setback has significant implications for Replimune’s future, as the company may need to restructure without approval.

🎯 HER2 hit: BioNTech reported encouraging Phase II results for its HER2-targeted antibody–drug conjugate trastuzumab pamirtecan in heavily pretreated patients with advanced or metastatic endometrial cancer, achieving objective response rates of about 49% in patients with prior checkpoint inhibitor exposure and 47.9% overall, along with a median progression-free survival of 8.1 months. The therapy has already received FDA Fast Track and Breakthrough designations, with a Phase III trial underway and plans for a regulatory filing in 2026.

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