use strict;
my $str = 'Text multiline, bla bla bla **FOO** text text text *START_TAG* text text text text **FOO** a lot of texts
**FOO** more text
*END_TAG*';
my $regex = qr/((?:\G(?!\A)|START_TAG)(?:(?!START_TAG|FOO).)*?)FOO(?=.*END_TAG)/sp;
my $subst = '$1<Replaced>';
my $result = $str =~ s/$regex/$subst/rg;
print "The result of the substitution is' $result\n";
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for Perl, please visit: http://perldoc.perl.org/perlre.html