On the 26th, Alteogen, the top bio corporation by market capitalization on the KOSDAQ, announced that it is considering a transfer to the KOSPI.
Park Soon-jae, CEO of Alteogen, stated in a shareholder announcement on the company's website regarding the transfer to the KOSPI, "We will push for the transfer to KOSPI as soon as possible while preparing our internal systems."
Recently, as calls for Alteogen's transfer to the KOSPI grew among domestic stock market investors, the company made an official stance. However, the company clarified that a preparation period is necessary for the timing of the transfer.
The CEO noted, "I am well aware that various opinions are emerging regarding the transfer to the KOSPI," adding, "We are thoroughly reviewing the pros and cons of the transfer, the appropriate timing, and methods in discussions with several securities companies and institutions."
The CEO stated that he understands there could be an increase in corporate credibility and brand value, expansion of the investor base, and effects of enhancing shareholder value through the transfer, but emphasized, "Preparing various aspects is necessary for the transfer to the KOSPI."
He mentioned, "To establish ourselves as a competitive biopharmaceutical corporation in the KOSPI market, it is necessary to supplement and prepare our internal systems," and added, "Details regarding the schedule and progress related to the transfer will be disclosed later through public announcements or investor relations."
The CEO urged, "Even if there are some discrepancies with the timing of the transfer that shareholders are expecting, I ask for your understanding of the company's efforts to conduct a more thorough and prepared transfer."
The CEO added that the commercial development of ALT-B4, which is a subcutaneous injection formulation of the cancer drug Keytruda from Merck (MSD), is expected to become visible in the fourth quarter of this year and to fully commence in 2026, which he anticipates will serve as a turning point for the company.
Currently, Keytruda is administered as an intravenous (IV) formulation. The administration takes 4 to 5 hours, but the SC formulation can significantly reduce administration time to within 5 minutes, allowing patients to administer it at home.
In response, MSD has embarked on the development of Keytruda SC, incorporating Alteogen's formulation modification technology, known as 'human hyaluronidase.' This technology enhances the permeability of subcutaneous tissue so that the drug can quickly disperse and be absorbed into the bloodstream. Keytruda SC is currently undergoing the U.S. Food and Drug Administration (FDA) approval process.