It appears that Alteogen is in the final stages of coordinating with a counterpart for a global technology out-licensing deal for ALT-B4, a technology that converts intravenous (IV) formulations to subcutaneous (SC) injections. The deal could be concluded as early as next week.
On the 15th (local time), after delivering a corporate presentation at the JP Morgan Healthcare Conference (JPMHC 2026) held in San Francisco, CEO and President Jeon Tae-yeon of Alteogen met with reporters and said, "During this event, we held meetings with existing global partners and coordinated a new deal," adding, "We are working hard on the new deal. It could come as early as next week."
JPMHC 2026 is the world's largest healthcare investment event hosted annually by investment bank JP Morgan, and this is the first time Alteogen has been formally invited. On the 14th day since taking office as CEO, Jeon took the official stage and emphasized Alteogen's technological competitiveness in this presentation.
ALT-B4 is a recombinant enzyme protein that temporarily breaks down hyaluronic acid under the skin, and it was developed based on Alteogen's Hybrozyme platform.
Applying this allows large-volume drugs such as IV-form cancer therapies to be administered via the SC (subcutaneous injection) route. IV cancer therapies take more than 30 minutes just to administer, whereas SC formulations take only 1 to 2 minutes, maximizing patient convenience.
Previously, Alteogen signed separate technology transfer agreements with Merck (MSD), AstraZeneca, Sandoz, and Daiichi Sankyo.
In March last year, the out-licensing deal signed with MedImmune, AstraZeneca's U.S. subsidiary, was worth up to $1.3 billion, and the technology transfer deal to develop MSD's immuno-oncology drug Keytruda into an SC formulation was worth $4.317 billion. Keytruda Qlex, the SC formulation of the immuno-oncology drug Keytruda developed using Alteogen's technology, was launched in the United States at the end of September last year.
In the presentation, Jeon said, "SC injections that dramatically reduce the administration time of IV formulations offer significant benefits to both patients and the health care system." Jeon said, "Keytruda was nearing patent expiration and needed lifecycle management, and the ALT-B4 technology made that possible." The point is that by changing the formulation and receiving approval as a new drug, a blockbuster drug's patent can be extended, addressing the patent cliff risk.
Jeon emphasized ALT-B4's platform scalability. Jeon said, "There is only one product, but because it is a platform technology, it can be applied to multiple blockbuster drugs."
Jeon also introduced to the audience the competitiveness of another platform technology, NexP. This is a biobetter technology that extends dosing intervals. Using an in-body protein (A1AT), it increases a drug's half-life to reduce the number of doses. Applying this can convert daily injections such as obesity treatments or cancer therapies into once-weekly medications.
When asked by reporters about the impact of a recent patent dispute, Jeon said, "Discussions with global pharmaceutical companies are proceeding without issue."
Previously, Halozyme Therapeutics in the United States, which holds a formulation-switching technology, and MSD have been engaged in a patent lawsuit. Ahead of the launch of the SC formulation of Keytruda being developed using Alteogen's technology, Halozyme filed suit, leading to a legal dispute.
Jeon said, "Functionally, ALT-B4 is the same as existing competing enzymes, but from a patent perspective, it is a completely different molecule," adding, "In the market, the legal dispute with Halozyme draws attention, but in meetings with global corporations, there is almost no mention related to the patent dispute." Jeon added, "ALT-B4 was developed with proprietary protein engineering technology," and "ALT-B4 patents are secured until Jan. 3, 2043, ensuring long-term business stability."
Meanwhile, Alteogen, which is pursuing a transfer listing to KOSPI, appointed Executive Vice President Jeon Tae-yeon as the new CEO and president last month. Founder Park Soon-jae stepped down as CEO to serve as chair of the board, shifting from an owner-management system to a professional management system. Jeon is a biotech expert with a Ph.D. in biochemistry and a U.S. patent attorney qualification, who joined Alteogen in 2020 and has overseen business development.