Regeneron Pharmaceuticals Inc. said that it has entered into an agreement to jointly develop an innovative antibody for the treatment of wet age-related macular degeneration (wet AMD) with Bayer HealthCare. The partnership will develop an innovative antibody to the Platelet Derived Growth Factor Receptor Beta (PDGFR-beta) as a potential combination therapy with EYLEA for the treatment of wet age-related macular degeneration. The preclinical data suggests that combining PDGFR-beta blockade with vascular endothelial growth factor (VEGF) blockade by EYLEA can provide advantages over inhibiting VEGF alone in the treatment of this devastating eye disease.

The first in human clinical studies are currently planned to begin in early 2014. As part of the agreement, Bayer HealthCare will make an upfront payment of USD 25.5 million to Regeneron as well as share global development costs for the programme. Pursuant to the agreement, Bayer HealthCare has been granted the exclusive commercialization rights to the combination product outside the US where they will share profits from ex-US sales equally with Regeneron.

Within the US, Regeneron has exclusive commercialization rights and will retain 100% of the profits from sales. In addition, Regeneron expects up to USD 40 million in option and milestone payments through regulatory approval from Bayer HealthCare, which is responsible for certain payments due a third party, including royalties on ex-US sales and a share of development milestones.