Subsequent Events (Notes)

3 Months Ended

Mar. 31, 2013

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In April 2013, the Company entered into a new lease agreement for additional laboratory and office space at its Tarrytown facility. The new facilities will include approximately 297,000 square feet of laboratory and office space in two new buildings to be constructed. The initial term of the lease, which is expected to commence in mid-2014, is 15 years and contains three renewal options to extend the terms of the lease by five years each. Construction of the new buildings is anticipated to begin in the second half of 2013 and to be completed in late 2015.

In April 2013, the Company also executed an early renewal of approximately 360,000 square feet of space that it currently leases at its Tarrytown facility. The early renewal extended the term of the lease from June 2024 to June 2029.

In May 2013, the Company acquired from Sanofi full exclusive rights to two families of novel antibodies invented at Regeneron and previously included in the Company's antibody collaboration with Sanofi. The Company acquired full rights to antibodies targeting the PDGF (platelet derived growth factor) family of receptors and ligands in ophthalmology and all other indications and to antibodies targeting the ANG2 (angiopoietin-2) receptor and ligand in ophthalmology. Antibodies to PDGF and ANG2 are currently in preclinical development for use in ophthalmology.

With respect to PDGF antibodies, the Company will pay Sanofi $10 million upfront, up to $40 million in development milestone payments, and royalties on any future sales. With respect to ANG2 antibodies in ophthalmology, the Company will pay Sanofi $10 million upfront, a potential $5 million development milestone payment, and royalties on any future sales.