The Burrill Report

Avalanche Biotechnologies has partnered with Regeneron Pharmaceuticals to discover, develop, and commercialize gene therapy products to treat diseases of the eye. The deal, worth as much as $640 million to the Menlo Park, California-based biotech, covers novel gene therapy vectors and proprietary molecules, discovered jointly by the partners, and developed using Avalanche’s adeno-associated virus-based platform technology.

The collaboration covers eight distinct therapeutic targets. Avalanche will receive an undisclosed upfront payment and is eligible for up to $640 million based on the achievement of certain development and regulatory milestones, plus royalties on sales of collaboration products. Regeneron will have exclusive global rights for each product it moves forward in clinical development. Avalanche has the option to share in development costs and profits for products directed toward two therapeutic targets selected by Avalanche under the collaboration.

Regeneron also 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 in mid-stage development to treat wet age-related macular degeneration, upon completion of the trial.

Regeneron’s anti-VEGF drug Eylea is approved to treat wet age-related macular degeneration and is under review for approval as a treatment for diabetic macular edema with a PDUFA date in August 2014.

“We look forward to the opportunity to collaborate with Avalanche, a leader in the field of next-generation gene therapy technologies,” says George Yancopoulos, chief scientific officer of Regeneron.

Avalanche recently raised $55 million in a series B financing. “The collaboration will bring together Avalanche's novel platform technology with Regeneron's proprietary molecules and research capabilities, with the goal of creating a new class of next-generation biologics in ophthalmology,” says Thomas Chalberg, co-founder and CEO of Avalanche.


May 09, 2014
http://www.burrillreport.com/article-avalanche_teams_with_regeneron_in_640m_deal.html