Regeneron and Bayer to Develop New Treatment Option for Wet Age-Related Macular Degeneration

   Regeneron and Bayer to Develop New Treatment Option for Wet Age-Related
                             Macular Degeneration

- Joint development of Regeneron's PDGFR Beta antibody as new candidate for
potential combination therapy demonstrates both companies' strong commitment
to ophthalmology

- Bayer obtains exclusive commercialization rights outside the U.S., where
Bayer and Regeneron will share profits

- Regeneron retains full U.S. commercialization rights

PR Newswire

TARRYTOWN, N.Y., Jan. 13, 2014

TARRYTOWN, N.Y., Jan. 13, 2014 /PRNewswire/ --Regeneron Pharmaceuticals, Inc.
(NASDAQ: REGN) and Bayer HealthCare today announced an agreement to jointly
develop an innovative antibody to the Platelet Derived Growth Factor Receptor
Beta (PDGFR-beta) as a potential combination therapy with EYLEA^®
(aflibercept) for the treatment of wet age-related macular degeneration (wet
AMD). 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. First in human clinical studies are currently planned to begin in
early 2014.

"Bayer has been a great collaborator in the development and commercialization
of EYLEA outside the U.S.," said George D. Yancopoulos, M.D., Ph. D., Chief
Scientific Officer of Regeneron and President of Regeneron Laboratories. "We
look forward to building on our relationship in ophthalmology with this
potential next generation product candidate which will combine Regeneron's
PDGFR-beta antibody and EYLEA in a single intravitreal injection."

"Given the multi-factorial nature of wet AMD, there is a potential for
additional benefits to patients by addressing different pathways responsible
for this devastating condition," said Kemal Malik, M.B., B.S.,Member of the
Bayer HealthCare Executive Committee and Head of Global Development.
"Inhibition of PDGF is one such pathway and we are looking forward to
developing a potential combination therapy together with Regeneron. Bayer is
strongly committed to expanding its ophthalmology research and development
efforts with innovative treatment options and this new development candidate
complements our own pipeline perfectly."

Under the terms of the agreement, Bayer HealthCare will make an upfront
payment of $25.5 million to Regeneron and will share global development costs
for the program. Bayer HealthCare will have exclusive commercialization
rights to the combination product outside the United States where they will
share profits from ex-U.S. sales equally with Regeneron. Within the U.S.,
Regeneron has exclusive commercialization rights and will retain 100 percent
of the profits from sales. Under the agreement, Regeneron is eligible to
receive up to $40 million in option and milestone payments through regulatory
approval from Bayer HealthCare, and Bayer HealthCare is responsible for
certain payments due a third party, including royalties on ex-U.S. sales and a
share of development milestones.

About Regeneron Pharmaceuticals
Regeneron is a leading science-based biopharmaceutical company based in
Tarrytown, New York that discovers, invents, develops, manufactures, and
commercializes medicines for the treatment of serious medical conditions.
Regeneron markets medicines for eye diseases, colorectal cancer, and a rare
inflammatory condition and has product candidates in development in other
areas of high unmet medical need, including hypercholesterolemia, oncology,
rheumatoid arthritis, asthma, and atopic dermatitis. For additional
information about the company, please visit

About Bayer HealthCare
The Bayer Group is a global enterprise with core competencies in the fields of
health care, agriculture and high-tech materials. Bayer HealthCare, a
subgroup of Bayer AG with annual sales of EUR 18.6 billion (2012), is one of
the world's leading, innovative companies in the healthcare and medical
products industry and is based in Leverkusen, Germany. The company combines
the global activities of the Animal Health, Consumer Care, Medical Care and
Pharmaceuticals divisions. Bayer HealthCare's aim is to discover, develop,
manufacture and market products that will improve human and animal health
worldwide. Bayer HealthCare has a global workforce of 54,900 employees (Dec
31, 2012) and is represented in more than 100 countries. More information at

Regeneron Forward-Looking Statements
This news release includes forward-looking statements that involve risks and
uncertainties relating to future events and the future performance of
Regeneron, and actual events or results may differ materially from these
forward-looking statements. Words such as "anticipate," "expect," "intend,"
"plan," "believe," "seek," "estimate," variations of such words and similar
expressions are intended to identify such forward-looking statements, although
not all forward-looking statements contain these identifying words. These
statements concern, and these risks and uncertainties include, among others,
the nature, timing, and possible success and therapeutic applications of
Regeneron's products, product candidates, and research and clinical programs
now underway or planned, including without limitation EYLEA^®(aflibercept)
Injection and a potential combination therapy of EYLEA^® (aflibercept) and an
antibody to the Platelet Derived Growth Factor Receptor Beta (PDGFR-beta) for
the treatment of wet age-related macular degeneration; unforeseen safety
issues resulting from the administration of products and product candidates in
patients, including serious complications or side effects in connection with
the use of Regeneron's product candidates in clinical trials; the likelihood
and timing of possible regulatory approval and commercial launch of
Regeneron's late-stage product candidates and new indications for marketed
products; ongoing regulatory obligations and oversight impacting Regeneron's
research and clinical programs and business; determinations by regulatory and
administrative governmental authorities which may delay or restrict
Regeneron's ability to continue to develop or commercialize Regeneron's
products and product candidates; competing drugs and product candidates that
may be superior to Regeneron's products and product candidates; uncertainty of
market acceptance and commercial success of Regeneron's products and product
candidates; the ability of Regeneron to manufacture and manage supply chains
for multiple products and product candidates; coverage and reimbursement
determinations by third-party payers, including Medicare and Medicaid;
unanticipated expenses; the costs of developing, producing, and selling
products; the ability of Regeneron to meet any of its sales or other financial
projections or guidance and changes to the assumptions underlying those
projections or guidance; the potential for any license or collaboration
agreement, including Regeneron's agreements with Sanofi and Bayer HealthCare
(such as the License and Collaboration Agreement with Bayer HealthCare
referred to in this news release), to be cancelled or terminated without any
further product success; and risks associated with third party intellectual
property and pending or future litigation relating thereto. A more complete
description of these and other material risks can be found in Regeneron's
filings with the United States Securities and Exchange Commission, including
its Form 10-K for the year ended December 31, 2012 and its Form 10-Q for the
quarterly period ended September 30, 2013. The reader is cautioned not to
rely on any forward-looking statements made by Regeneron. Regeneron does not
undertake any obligation to update publicly any forward-looking statement,
including without limitation any financial projection or guidance, whether as
a result of new information, future events, or otherwise.

Bayer Forward-Looking Statements
This release may contain forward-looking statements based on current
assumptions and forecasts made by Bayer Group or subgroup management. Various
known and unknown risks, uncertainties and other factors could lead to
material differences between the actual future results, financial situation,
development or performance of the company and the estimates given here. These
factors include those discussed in Bayer's public reports which are available
on the Bayer website at The company assumes no liability
whatsoever to update these forward-looking statements or to conform them to
future events or developments.

Contact Information:

Manisha Narasimhan, Ph.D. Peter Dworkin
Investor Relations          Corporate
914.847.5126 914.847.7640 

SOURCE Regeneron Pharmaceuticals, Inc.

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