The biotechnology corporation Alteogen announced on the 17th that it signed a technology export contract with the global pharmaceutical company Astrazeneca's biopharmaceutical subsidiary MedImmune to develop an anti-cancer treatment using its human hyaluronidase source technology ALT-B4 on the 15th.
This contract consists of a total of 2 agreements, signed with MedImmune's U.S. corporation (MedImmune, LLC) and its U.K. corporation (MedImmune Limited). The scale of the contract totals $1.35 billion (approximately 1.964 trillion won).
Under the contract, Alteogen granted Astrazeneca exclusive development rights for the subcutaneous injection of a multi-species anti-cancer treatment.
Alteogen possesses technology that converts intravenous (IV) formulations into subcutaneous (SC) formulations. The advantage of the subcutaneous injection method given into the muscle is the reduced administration time. Administering the immuno-oncology drug via a vein takes about 30 minutes to an hour, while the subcutaneous injection significantly reduces this time to around 3 to 5 minutes.
The maximum amount Alteogen can receive under the contract with MedImmune in the U.S. is $600 million (approximately 872.4 billion won). This deal pertains to the development and commercialization of 'one product' using ALT-B4. It includes a contract fee of $20 million (approximately 29.096 billion won) and milestone payments that can be received during clinical research progress, item licensing, and commercialization amounting to $580 million (approximately 843.784 billion won). Sales royalties are separate. However, there is a possibility of reduction if clinical trials fail or sales amounts are low.
On the same day, Alteogen signed a contract with MedImmune U.K. for a maximum of $750 million (approximately 1.09 trillion won). This contract is for the development and commercialization of two products using ALT-B4. It includes a contract fee of $25 million (approximately 36.37 billion won) and milestones of $725 million (approximately 1.0547 trillion won). Sales royalties are separate.
Park Soon-jae, CEO of Alteogen, noted, "Establishing a partnership with Astrazeneca, a global innovative drug developer, and being able to apply our Hybrozyme platform technology is a significant advancement for our company." He further expressed, "Given that this contract was signed after due diligence in various areas such as substance and patent rights, we expect it to provide a treatment option that can enhance the quality of life for patients through rapid development."
Christian Masacheci, chief medical officer of Astrazeneca, said, "We look forward to collaborating with Alteogen on several assets in our portfolio and aim to provide a new subcutaneous delivery option that can change the way cancer is treated."
Alteogen has developed a recombinant hyaluronidase using its Hybrozyme platform technology and has signed technology export contracts with a total of six global companies, including this latest contract.