By RTT News, May 05, 2014, 08:34:00 AM EDT

(RTTNews.com) - Regeneron Pharmaceuticals, Inc. ( REGN ) and Avalanche Biotechnologies, Inc. formed a broad collaboration to discover, develop and commercialize novel gene therapy products to treat ophthalmologic diseases. The collaboration includes novel gene therapy vectors and proprietary molecules, discovered jointly by Avalanche and Regeneron, and developed using the Avalanche Ocular BioFactory, an adeno-associated virus (AAV)-based, proprietary, next-generation platform for the discovery and development of gene therapy vectors for ophthalmology.

As part of the agreement, Avalanche would receive an upfront cash payment, contingent payments of up to $640 million upon achievement of certain development and regulatory milestones, plus a royalty on worldwide net sales of collaboration products. The collaboration comprises up to eight distinct therapeutic targets, and Regeneron will have exclusive worldwide rights for each product it moves forward in clinical development. Further, Avalanche has the option to share in development costs and profits for products directed toward two collaboration therapeutic targets selected by Avalanche.

Pursuant to the agreement, Regeneron has a time-limited right of first negotiation for certain rights to AVA-101, Avalanche's gene therapy product targeting vascular endothelial growth factor currently under development for the treatment of wet age-related macular degeneration, upon completion of the ongoing Phase 2a study.

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Regeneron, Avalanche To Develop Novel Gene Therapy Products In Ophthalmology