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bluebird bio and Regeneron Announce Collaboration to Discover, Develop and Commercialize New Cell Therapies for Cancer

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bluebird bio, Inc. (NASDAQ: BLUE) and Regeneron Pharmaceuticals,
Inc. (NASDAQ: REGN) today announced a collaboration to apply
their respective technology platforms to the discovery, development and
commercialization of novel immune cell therapies for cancer. The
collaborators will specifically leverage Regeneron's VelociSuite®
platform technologies for the discovery and characterization of
fully human antibodies, as well as T cell receptors (TCRs) directed
against tumor-specific proteins and peptides, and bluebird bio will
contribute its field-leading expertise in gene transfer and cell therapy.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180806005218/en/

"The collaboration with Regeneron complements bluebird bio's growing
immuno-oncology development portfolio, which includes clinical and
pre-clinical CAR T and T cell receptor programs," said Philip Gregory,
D.Phil., Chief Scientific Officer of bluebird bio. "With Regeneron's
proven targeting technologies, in combination with our deep expertise in
cell biology and vector technology, as well as clinical experience with
leading CAR T cell drug products, we hope to rapidly advance novel
cellular therapies with the potential to transform the lives of people
with cancer."

"Like Regeneron, bluebird is a science-focused company looking to push
the limits of what novel technologies can do in drug discovery and
development," said George D. Yancopoulos, M.D., Ph.D., President and
Chief Scientific Officer of Regeneron. "We believe that the tremendous
synergies between Regeneron's proven technologies and bluebird's toolbox
of advanced cell and gene therapy technologies create a promising
opportunity to help people with cancer by developing innovative new
treatments. This collaboration adds yet another dimension to our rapidly
advancing portfolio of immuno-oncology candidates and combination
approaches."

The collaborators have jointly selected six initial targets and will
equally share the costs of research and development up to the point of
submitting an Investigational New Drug (IND) application. Additional
targets may be selected over the five-year research collaboration term.
When an IND is submitted for a potential cell therapy product, Regeneron
will have the right to opt-in to a co-development/co-commercialization
arrangement for certain collaboration targets, with 50/50 cost and
profit sharing. If Regeneron does not opt-in, the company is eligible to
receive milestone payments and royalties from bluebird bio on any
potential resulting products.

Regeneron will also make a $100 million investment in bluebird bio
common stock at a price of $238.10 per share, which represents a premium
of 59 percent over the $150 closing price on August 3, 2018. This
approximately $37 million premium will be credited against Regeneron's
initial 50 percent funding obligation for basic collaboration research,
after which the collaborators will fund ongoing research equally. The
transaction is subject to preclearance by the Federal Trade Commission
under applicable antitrust laws.

Cell-based immunotherapies such as chimeric antigen receptor T cells
(CAR Ts) use human immune cells (typically T cells derived from the
patient with cancer) that are modified and returned to the patient to
serve as therapeutic agents that specifically target and kill cancer
cells. In advanced clinical studies, researchers have shown that
modified T cells are highly active therapies in patients with a variety
of blood cancers even after other treatment approaches have failed, and
there are existing FDA-approved medicines that utilize this approach.

bluebird bio's technologies use a customized lentiviral vector to modify
T cells so that they can recognize tumor-specific proteins expressed by
cancer cells and kill them upon engagement. Regeneron's VelociSuite®
technologies, including VelocImmune® and Veloci-T,
enable the creation of fully-human antibodies and T cell receptors.
These complementary technologies have the potential to expand the types
of tumors that modified T cells can safely and effectively target by
enabling the T cells to reach both extracellular and intracellular tumor
antigens.

About bluebird bio, Inc.

With its lentiviral-based gene therapies, T cell immunotherapy expertise
and gene editing capabilities, bluebird bio (NASDAQ:BLUE) has built a
pipeline with broad potential application in severe genetic diseases and
cancer.

bluebird bio's gene therapy clinical programs include investigational
treatments for cerebral adrenoleukodystrophy, transfusion-dependent
β-thalassemia, also known as β-thalassemia major, and severe sickle cell
disease.

bluebird bio's oncology pipeline is built upon the company's lentiviral
gene delivery and T cell engineering, with a focus on developing novel T
cell-based immunotherapies, including chimeric antigen receptor (CAR T)
and T cell receptor (TCR) therapies. The company's lead oncology
programs are anti-BCMA CAR T programs partnered with Celgene.

bluebird bio's discovery research programs include utilizing
megaTAL/homing endonuclease gene editing technologies with the potential
for use across the company's pipeline.

bluebird bio has operations in Cambridge, Massachusetts; Seattle,
Washington; Durham, North Carolina and Zug, Switzerland.

About Regeneron Pharmaceuticals, Inc.

Regeneron (NASDAQ:REGN) is a leading biotechnology company that invents
life-transforming medicines for people with serious diseases. Founded
and led for 30 years by physician-scientists, our unique ability to
repeatedly and consistently translate science into medicine has led to
six FDA-approved treatments and numerous product candidates in
development, all of which were homegrown in our laboratories. Our
medicines and pipeline are designed to help patients with eye disease,
heart disease, allergic and inflammatory diseases, pain, cancer,
infectious diseases and rare diseases.

Regeneron is accelerating and improving the traditional drug development
process through our proprietary VelociSuite® technologies,
including VelocImmune® (a genetically-engineered
mouse model that has a genetically-humanized B cell immune system that
produces optimized fully-human antibodies) and Veloci-T (a
genetically-engineered mouse model that has genetically-engineered T
cell immunity). Regeneron scientists are also conducting ambitious
research initiatives such as the Regeneron Genetics Center®,
which is conducting one of the largest genetics sequencing efforts in
the world.

For additional information about the company, please visit www.regeneron.com
or follow @Regeneron on Twitter.

bluebird bio Forward-Looking Statements

This release contains "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995, including
statements regarding the research, development and advancement of
bluebird bio's product candidates and immuno-oncology research program,
including its TCR research program and those shared with Regeneron, and
the benefits of each company's strategic plans and focus. Any
forward-looking statements are based on management's current
expectations of future events and are subject to a number of risks and
uncertainties that could cause actual results to differ materially and
adversely from those set forth in or implied by such forward-looking
statements. These risks and uncertainties include, but are not limited
to, the risk that the research programs for these targets will be
unsuccessful and not identify any viable product candidates, the risk
that our collaboration with Regeneron will not continue or will not be
successful, the risk of cessation or delay of any planned clinical
studies and/or our development of our product candidates, and the risk
that any one or more of our product candidates will not be successfully
developed and commercialized. For a discussion of other risks and
uncertainties, and other important factors, any of which could cause our
actual results to differ from those contained in the forward-looking
statements, see the section entitled "Risk Factors" in our most recent
quarterly report on Form 10-Q, as well as discussions of potential
risks, uncertainties, and other important factors in our subsequent
filings with the Securities and Exchange Commission. All information in
this press release is as of the date of the release, and bluebird bio
undertakes no duty to update this information unless required by law.

Regeneron Forward-Looking Statements and Use of Digital Media

This news release includes forward-looking statements that involve
risks and uncertainties relating to future events and the future
performance of Regeneron Pharmaceuticals, Inc. ("Regeneron" or the
"Company"), 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 the discovery and development of
novel immune cell therapies for cancer; the likelihood and timing of
achieving any of Regeneron's anticipated clinical development
milestones; 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;
the extent to which the results from the research and development
programs conducted by Regeneron or its collaborators (such as bluebird
bio, Inc.) may be replicated in other studies and lead to therapeutic
applications; ongoing regulatory obligations and oversight impacting
Regeneron's marketed products, research and clinical programs, and
business, including those relating to patient privacy; 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; the ability of Regeneron's collaborators, suppliers, or
other third parties to perform filling, finishing, packaging, labeling,
distribution, and other steps related to Regeneron's 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 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, Bayer, and Teva
Pharmaceutical Industries Ltd. (or their respective affiliated
companies, as applicable), as well as the collaboration with bluebird
bio, Inc. discussed in this news release, to be cancelled or terminated
without any product success; and risks associated with intellectual
property of other parties and pending or future litigation relating
thereto, including without limitation the patent litigation proceedings
relating to Praluent
® (alirocumab) Injection,
the ultimate outcome of any such litigation proceedings, and the impact
any of the foregoing may have on Regeneron's business, prospects,
operating results, and financial condition. A more complete description
of these and other material risks can be found in Regeneron's filings
with the U.S. Securities and Exchange Commission. Any forward-looking
statements are made based on management's current beliefs and judgment,
and 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, whether as
a result of new information, future events, or otherwise.

Regeneron uses its media and investor relations website and social
media outlets to publish important information about the Company,
including information that may be deemed material to investors.
Financial and other information about Regeneron is routinely posted and
is accessible on Regeneron's media and investor relations website (
http://newsroom.regeneron.com)
and its Twitter feed (
http://twitter.com/regeneron).

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