(RTTNews) - Regeneron Pharmaceuticals, Inc. (REGN), Monday announced a collaboration with software company Truveta, Inc. and its collective of U.S. healthy systems, offering a strategic investment of $119.5 million in Truveta's Series C financing round and planning to launch the Truveta Genome Project.
The biotechnology company expects the project to expand DNA sequence-linked healthcare database, paving way for potential new genetic-based therapies and optimized healthcare services.
As per the terms of the collaboration, Regeneron Genetics Centers will have the exclusive rights to perform research-related sequencing on the collected samples and access to de-identified electronic health records provided by study participants.
Both the parties anticipate to utilize the data in the development of next-generation solutions for healthcare delivery and population health management, Regeneron added.
Moreover, California-based Illumina, Inc. (ILMN), a DNA sequencing and array-based technologies company, will also invest $20 million in Truveta's Series C financing round in support of the project.
In the pre-market hours, Regeneron's stock is trading at $695, down 0.27 percent on the Nasdaq.
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