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PETRI DISH PERSPECTIVES

Episode 28: Regeneron

November 06, 2025 • Manead Khin

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In this episode of Petri Dish Perspectives: Biotech Unleashed, host Manead dives into the remarkable story of Regeneron Pharmaceuticals, from its humble beginnings in Tarrytown to becoming one of the world’s leading biotech innovators.

Discover how founders Leonard Schleifer and George Yancopoulos turned early failure into scientific triumph with breakthrough drugs like Eylea, Dupixent, and the COVID-19 antibody cocktail that changed the global response.

We explore how Regeneron built a culture rooted in pure science, balanced innovation with controversy, and redefined what it means to be a biotech powerhouse in a pharma-dominated world.

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Hello and welcome to Petri Dish Perspectives, the podcast where we geek out about science and the companies shaping the future of healthcare. I’m your host, Manead, and I’m a PhD scientist by training, biotech storyteller by choice. With every new episode released on Thursday, my goal is to deliver digestible pieces of information on healthcare companies under 30 mins.

If Moderna is the face of biotech’s digital revolution, then Regeneron is the poster child of scientific persistence.

This episode is for anyone who’s ever wondered how a company built on pure biology not hype could rise from near failure to become one of the most successful biotech powerhouses in the world.

We’ll uncover how Regeneron went from a risky startup founded by two unlikely scientists a neurologist and a geneticist into a company that cracked the code on antibody engineering, transformed treatment for blindness, cholesterol, and cancer, and even became a key player in the COVID-19 pandemic response.

This is the story of Regeneron, the company that bet everything on the power of science and won.

Quick disclaimer, I give full credit to the original articles cited in the references in the transcript!

Grab a coffee or tea, settle in, and let’s jump in!

Segment 1 – Origins: Two Scientists, One Vision

The story begins in 1988, in Tarrytown, New York.

Two scientists Dr. Leonard Schleifer, a neurologist from Cornell, and Dr. George Yancopoulos, a young and fiery geneticist from Columbia shared a belief that the future of medicine would be driven by molecular biology and genetics.

Schleifer had the business vision. After earning his MD and PhD, he had joined Cornell but quickly realized he wanted to do more than practice medicine; he wanted to build something. Yancopoulos, meanwhile, was a rising academic star, the son of Greek immigrants, whose PhD research helped reveal how antibodies generated, a clue that would later define Regeneron’s identity.

In an era dominated by Big Pharma giants like Merck and Pfizer, their idea was radical: create a biotech company that doesn’t chase quick wins, but instead builds a scientific engine capable of discovering multiple drugs through biology-driven research.

Schleifer approached investors and soon secured seed funding from Alfred Gilman, who later won the Nobel Prize for his discovery of G-proteins. Gilman not only invested but also introduced Schleifer to Yancopoulos and that partnership became one of the most productive in biotech history.

By late 1988, Regeneron Pharmaceuticals was born. The name symbolized their mission: “to regenerate neurons”; the original focus was treating neurodegenerative diseases.

But as you’ll see, Regeneron’s path was anything but linear.

Regeneron Pharmaceuticals (NASDAQ:REGN) held its Initial Public Offering (IPO) in April 1991. The company is a mature, publicly traded biopharmaceutical firm. The IPO grossed $99 million, which was the second-largest biotech IPO ever at the time. Each stock was at $22 a share.

Segment 2 – The Early Years: Failures That Forged a Giant

Regeneron’s early journey was defined by struggle.

Its first big bet was a drug called Ciliary Neurotrophic Factor (CNTF) designed to regenerate damaged neurons in diseases like ALS and peripheral neuropathy.

By the mid-1990s, the company had advanced CNTF into late-stage trials. Hopes were high. But when the results came back, the drug failed spectacularly.

For many biotech startups, that would’ve been the end. But not for Regeneron.

Instead of collapsing, Schleifer and Yancopoulos doubled down. They restructured the company around a core belief: science comes first.

They began investing heavily in proprietary technology platforms and tools that could systematically generate new drugs rather than rely on luck. This approach was unconventional at the time but would become the backbone of Regeneron’s later success.

They developed platforms like VelociGene for genetic modeling and VelocImmune, a revolutionary system that used genetically humanized mice to produce fully human antibodies.

VelociGene was developed in the late 1990s and early 2000s as a high-speed genetic engineering platform. Traditional mouse genetics at the time were slow and labor-intensive, making or studying a single knockout gene could take a year or more. VelociGene changed that. It allowed Regeneron scientists to rapidly manipulate entire mouse genomes, precisely “knocking out” or “humanizing” genes to model human diseases in animals. This enabled them to study the function of thousands of genes systematically and identify potential drug targets with unprecedented efficiency.

But VelociGene was just the start.

From that foundation came VelocImmune, arguably Regeneron’s most valuable invention. Developed in the early 2000s, VelocImmune created a line of mice genetically engineered to have fully human immune systems, specifically, human antibody-producing genes. This meant that when the mice were exposed to a disease antigen, they would produce antibodies identical to those found in humans.

That was revolutionary because it eliminated the need to “humanize” antibodies later in the lab (a slow, costly process that often weakened efficacy). The antibodies generated were natively human, highly specific, and less likely to trigger immune rejection.

VelocImmune became the source of some of Regeneron’s biggest drugs, including Eylea, Dupixent,

These technologies didn’t just create one drug, they created a pipeline.

Segment 3 – The Breakthrough Era: Eylea, Dupixent, and Beyond

Regeneron’s persistence finally paid off in 2011.

That year, the FDA approved Eylea (aflibercept), a therapy for age-related macular degeneration (AMD) one of the leading causes of blindness. Eylea worked by blocking VEGF, a growth factor that causes abnormal blood vessels to form in the eye.

The success was monumental. Eylea didn’t just treat vision loss, it helped millions regain their sight. Within a few years, it became a multi-billion-dollar blockbuster, generating over $8 billion annually.

Eylea cemented Regeneron’s reputation as a force in ophthalmology and validated its long-term scientific investment strategy.

But the hits didn’t stop there.

Next came Dupixent (dupilumab), an antibody that blocks IL-4 and IL-13 signaling two key drivers of inflammation in conditions like eczema, asthma, and chronic sinusitis. Developed in partnership with Sanofi, Dupixent was approved in 2017 and quickly became one of the most successful biologics of the decade, now pulling in over $10 billion per year.

Behind these successes was the VelocImmune platform, a technological marvel that allowed Regeneron to generate human antibodies faster and more precisely than almost anyone else.

Then came Repatha’s rival, Praluent (alirocumab), a PCSK9 inhibitor also developed with Sanofi to lower LDL cholesterol. While it faced stiff competition from Amgen, it proved Regeneron could take on cardiovascular disease too.

And when COVID-19 hit in 2020, Regeneron’s platform delivered again producing a monoclonal antibody cocktail, REGN-COV2, that became one of the first authorized COVID treatments. Even U.S. President Donald Trump famously received the therapy during his infection, thrusting Regeneron into the global spotlight.

Segment 4 – The Culture of Science: Inside Regeneron

Unlike many companies that eventually succumb to bureaucracy, Regeneron stayed true to its roots, science above all.

At its sprawling campus in Tarrytown, New York, employees describe an environment that feels more like an academic research center than a corporation. Whiteboards cover the walls, ideas flow freely, and both Schleifer and Yancopoulos still active leaders are known to roam the labs, debating experimental design and data interpretation with junior scientists.

George Yancopoulos, who became Chief Scientific Officer and later President, remains deeply involved in R&D. His scientific intuition and intensity are legendary. As one former employee said,

“Working for George is like working for a Nobel committee in real time.”

Regeneron has also poured resources into community engagement, STEM education, and the Regeneron Science Talent Search, one of the most prestigious science competitions for high school students in the U.S.

This dedication to nurturing the next generation reflects the company’s belief that science is not just a business it’s a calling.

Segment 5 – Controversies and Challenges

Regeneron hasn’t been without its share of controversy.

In 2019, the company faced backlash over the high cost of Eylea and Dupixent, with critics arguing that access to life-changing drugs shouldn’t come at such steep prices.

And like many biotechs, Regeneron has faced challenges scaling manufacturing and competing with biosimilars, particularly as patents on its blockbuster drugs near expiration.

Still, its ability to continually innovate and refresh its pipeline has kept it remarkably resilient.

Segment 6 – People Who Made Their Mark

If there’s one duo that defines Regeneron, it’s Leonard Schleifer and George Yancopoulos.

Their partnership, a blend of entrepreneurial vision and raw scientific brilliance, has lasted over three decades, something almost unheard of in biotech.

Schleifer’s business acumen and Yancopoulos’ research leadership created a culture where science drives strategy, not the other way around.

Together, they’ve built a company that consistently ranks among the most admired in biotech, both for its discoveries and for its independence never selling out, never compromising on its identity as “a company by scientists, for scientists.”

Segment 7 – Lessons from Regeneron

Regeneron’s journey offers a few key lessons:

Play the long game. Scientific innovation takes decades, not quarters. Regeneron’s early failures laid the groundwork for billion-dollar successes later.
Build platforms, not just products. Technologies like VelocImmune allowed Regeneron to repeatedly generate new drugs from a single scientific foundation.
Keep scientists in charge. The continuity of leadership and scientific culture ensured that decision-making stayed true to the company’s mission.
Resilience is a competitive advantage. Regeneron’s story shows that the best biotech breakthroughs often come from those willing to fail forward.

Currently, Regeneron’s market cap is over $68B and the stock sits at $653.78 a share, a whopping 29x jump from the IPO. Regeneron's headquarters is located in Tarrytown, New York, at 777 Old Saw Mill River Road. The company also has major operations and offices in other locations, including large manufacturing facilities in Rensselaer, New York, and Limerick, Ireland, as well as satellite offices in various cities across the United States and international business offices in places like London and Amsterdam. According to Glassdoor, the estimated average total pay for a PhD is about $124,524 per year.

Segment 8 – What’s next for Regeneron?

Looking ahead, Regeneron has lined up a number of strategic bets that aim not only to sustain its momentum but also to redefine its role in the future of medicine.

First, the company is pushing hard into next-gen biologics and gene therapies. Its website says that Regeneron is expanding its toolbox to include not just monoclonal antibodies, but bispecific antibodies, genetic medicines, and cell therapies. For example, the firm is advancing programs in hematology, oncology and gene editing, highlighting its ambition to go beyond its existing franchises.

Second, Regeneron is making major investments in manufacturing and infrastructure. In April 2025 the company announced a planned investment of more than $7 billion in U.S. manufacturing capacity, chiefly in New York and North Carolina, including a partnership with FUJIFILM to expand its biologics bulk-drug production. This signals its intention to scale not just R&D but production to meet global demand for complex biologics and gene-based treatments.

Third, the company is expanding its addressable markets. Among the near-term opportunities are therapies for conditions such as COPD, obesity, rare genetic diseases and multiple myeloma. In the obesity space, for example, Regeneron has entered into collaborations for GLP-1/GIP agonists and is developing add-on approaches to improve the quality of weight loss (e.g., preserving muscle mass) rather than just quantity of weight lost.

Fourth, Regeneron is strengthening its pipeline through strategic partnerships and deals. One example: a recently announced collaboration to license a GLP-1/GIP drug from a Chinese biotech, which marks the company’s entry into the high-growth metabolic space. entered the high-growth metabolic space by in-licensing the dual GLP-1/GIP receptor agonist, HS-20094, from Chinese biotech Hansoh Pharmaceuticals. The agreement gives Regeneron exclusive development and commercial rights outside of China, Hong Kong, and Macau, marking a strategic move into obesity and metabolic diseases. The deal includes an $80 million upfront payment and potential future milestone payments up to $1.93 billion.

Finally, Regeneron is focused on maintaining its scientific engine, its proprietary technology platforms (such as VelociSuite) and gene-first approach remain central. The idea is that innovations in discovery will allow it to generate new drug candidates faster and more efficiently than many traditional pharma rivals.

In summary, Regeneron’s next chapter will be defined by diversification beyond its core ophthalmology and inflammation franchises, global scaling of manufacturing, entry into high-growth disease areas, and leveraging its scientific platforms to unlock novel therapies. How well the company executes on these ambitions will determine whether it remains a biotech leader or sees its edge challenged by competitors.

Segment 9 – Outro

From failed neuron drugs to billion-dollar antibodies, Regeneron’s story is a testament to persistence powered by science.

In a world where hype often overshadows substance, Regeneron stands apart a reminder that when you invest in real biology, real innovation follows.

References

Manead Khin

Host