Alteogen has seen a rise of over 8% after signing a licensing contract that could yield more than 2 trillion won depending on the individual product's progress.
At 2:52 p.m. on the 17th, Alteogen was trading at 426,500 won, up 34,500 won (8.80%) from the previous trading day.
Alteogen announced that on this day it signed an exclusive licensing agreement for human hyaluronidase source technology (ALT-B4) with MedImmune, a subsidiary of AstraZeneca's global biopharmaceutical research and development division.
The amounts that can be received upon achieving various milestones related to the clinical, regulatory approval, and commercialization of products applying ALT-B4 are 843.7 billion won for the U.S. entity and 1.05 trillion won for the U.K. entity. The contract fees are 29 billion won and 36.7 billion won for the U.S. and U.K., respectively.
Alteogen said, "This is a contract for the development and commercialization of a subcutaneous injection type of AstraZeneca's cancer treatment utilizing our HYBE-based human hyaluronidase (ALT-B4)." They noted that if there are interruptions in research and development or regulatory approval failures due to the contract conditions, the agreement could be terminated.