WASHINGTON (dpa-AFX) - 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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