In early trading on the 26th, Alteogen jumped 10%, reclaiming the No. 2 spot by market capitalization on KOSDAQ.
It is seen that investor sentiment was buoyed by news the previous day that Alteogen signed a license agreement for a subcutaneous (SC) formulation with the U.S. drugmaker Biogen.
As of 9:21 a.m. on the 26th on the KOSDAQ market, Alteogen was trading at 397,000 won, up 38,500 won (10.74%) from the previous session.
With the stock surging, Alteogen overtook EcoPro and EcoPro BM in tandem to rise to No. 2 in KOSDAQ market capitalization. The previous day, Alteogen ranked No. 4 by market cap.
Earlier, on the 25th, Alteogen said it signed an exclusive license agreement with Biogen for the development and commercialization of subcutaneous (SC) formulation biopharmaceuticals based on the Hybrozyme platform.
Alteogen holds the Hybrozyme platform, a proprietary technology that converts intravenous (IV) formulation drugs into SC formulations. The platform has drawn attention for shortening drug administration time and extending the patent life of global medicines.
Under the deal, Alteogen will receive an upfront payment of 30 billion won. It could receive up to an additional 820 billion won if it meets milestones.