Shares of KOSDAQ-listed Alteogen(196170) were rising early on the 3rd on news it signed a major deal with global drugmaker Novartis.
As of 9:06 a.m. that day, Alteogen was trading at 302,500 won, up 4,000 won (1.3%) from the previous session.
The previous day, Alteogen said in a filing that it signed an option-license agreement with Novartis to develop and commercialize a subcutaneous (SC) formulation using ALT-B4.
ALT-B4, completed with Alteogen's own Hybrozyme platform technology, is a recombinant human hyaluronidase substance. If all options included in the agreement are exercised and all development and commercialization milestones are achieved, the amount Alteogen could receive would total up to $3.223 billion (about 4.4165 trillion won).