ModeX Therapeutics, a subsidiary of OPKO Health, and Regeneron Pharmaceuticals entered into a license and collaboration agreement to discover and develop multispecific antibodies for immunology, oncology, and metabolic disease indications. The agreement includes an upfront payment of $7 million to ModeX, milestone payments that can exceed $200 million per selected molecule, and tiered global net sales royalties in the low double digits. The overall potential value of the collaboration is estimated to exceed $1 billion if multiple assets progress to later development stages.
ModeX’s MSTAR platform enables the creation of antibodies with multiple binding sites, allowing simultaneous targeting of distinct biological pathways. The partnership gives Regeneron access to ModeX’s binders and expertise, while providing ModeX with Regeneron’s antibody development and commercialization capabilities. The collaboration is expected to accelerate the progress of ModeX’s multispecific antibody candidates into later‑stage development and commercialization, potentially generating significant future revenue streams for both companies.
OPKO Health reported third‑quarter 2025 revenue of $151.7 million, down from $173.6 million in the same period of 2024. Operating income rose to $48.1 million from $14.2 million, largely due to a $225 million gain from the sale of BioReference’s oncology assets to Labcorp. Net income for the quarter was $21.6 million, compared with $24.9 million in Q3 2024. The diagnostics segment generated $95.2 million of revenue, while the pharmaceuticals segment contributed $37.7 million.
Regeneron reported third‑quarter 2025 revenue of $3.75 billion, a 1 % increase from $3.721 billion in Q3 2024. GAAP net income was $1.46 billion, up 9 % year over year, driven by strong sales of Dupixent and EYLEA HD.
Gary Nabel, CEO of ModeX, said the collaboration validates the MSTAR platform and provides non‑dilutive funding to advance the pipeline. Elias Zerhouni, CEO of Regeneron, noted the partnership expands Regeneron’s antibody portfolio and aligns with its strategy to explore novel therapeutic modalities.
The deal positions both companies to leverage complementary strengths in antibody technology and market access, potentially accelerating the development of innovative therapies for patients with unmet medical needs.
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