Telix is Regeneron’s entry ticket into the radiopharma game, helping to better round out the company’s cancer portfolio, according to Truist Securities.
Regeneron Pharmaceuticals is joining the radiopharma race by partnering with Telix, leveraging the Australian biotech’s development engine to target multiple cancer indications.
“The collaboration brings a new leg to REGN’s robust pipeline,” Truist Securities told investors in a Sunday note. “We believe the partnership offers additional opportunities for long-term growth in solid tumors,” the analysts added, “further filling out REGN’s exposure in oncology and adding diversification to the current commercial-focused story.”
Under the terms of the agreement, announced Sunday evening, Regeneron is fronting $40 million to use Telix’s tech for four initial programs, over which the companies will split global commercialization costs and profits equally. The pharma will also have the option to add four more programs to the partnership for an additional but undisclosed upfront sum.
Telix has the option to not split costs with Regeneron for certain programs, in which case it will be eligible for up to $535 million in development and commercial milestones, plus low double-digit royalties, for that specific program. All told, if Regeneron maxes out its options for four additional programs, Telix could rack up roughly $4.3 billion in milestones. Telix is up 7% in pre-market trading Monday.
“Targeted radiopharmaceuticals represent a rapidly emerging frontier in oncology and an exciting opportunity to bring new treatment options to patients,” John Lin, senior vice president of Oncology & Antibody Technology Research at Regeneron, said in a statement.
The companies did not say what specific cancer indications they plan to work on, only revealing that they will leverage Regeneron’s antibody portfolio, including bispecifics, to address “multiple solid tumor targets.”
With the Telix partnership, Regeneron looks to join its fellow Big Pharma players in the radiopharma race. Currently in the lead is Novartis, which has two assets on the market: Lutathera, first approved in 2018 for gastroenteropancreatic neuroendocrine tumors (GEP-NET), and Pluvicto, given the FDA’s greenlight in 2022 for metastatic castration-resistant prostate cancer.
Lutathera grew 12% year-on-year in 2025 to bring in $816 million, while Pluvicto surged 42% to hit $1.99 billion in sales.
Chasing after Novartis is Eli Lilly, which in October 2023 dropped $1.4 billion to acquire Point Biopharma, followed in 2024 with a potential $1.1 billion partnership with Aktis Oncology and a $140 million bet with Radionetics Oncology. The Point purchase has been largely disappointing, though, with many assets from the deal either shelved or deprioritized following underwhelming data, according to reporting from OncologyPipeline.
Also in the race is Bristol Myers Squibb, which in December 2023 paid $4.1 billion to swallow RayzeBio and its alpha-emitter RYZ-101. Enrollment into a Phase 3 trial for the asset in GEP-NET was paused in 2024 due to supply issues. That same study is expected to hit primary completion later this year, according to a federal clinical trials database.
AstraZeneca is also playing in the radiopharma arena, buying its way into the market with a $2.4 billion acquisition of Fusion Pharmaceuticals in March 2024.
