Regeneron Pharmaceuticals and Avalanche Biotechnologies are partnering to discover, develop, and commercialize gene therapy products for the treatment of eye diseases. Work will center on gene therapy vectors and proprietary molecules discovered jointly by Avalanche and Regeneron and developed using Avalanche’s adeno-associated virus-based gene-sequencing technology. Avalanche will receive up to $640 million when it achieves certain development and regulatory milestones. It will also receive royalties on sales of products resulting from the collaboration. Regeneron will get unspecified first rights to Avalanche’s gene therapy product AVA-101, which is under development to treat wet age-related macular degeneration.