Alteogen said on the 25th that it signed an exclusive license agreement with Biogen, a U.S. pharmaceutical company, to develop and commercialize subcutaneous injection (SC) formulation biologics based on the Hybrozyme platform.
Alteogen owns the Hybrozyme® platform, a proprietary technology that converts intravenous (IV) formulation drugs into subcutaneous injections (SC) that can be administered in a short time. The "hyaluronidase ALT-B4" developed by the company breaks down the hyaluronic acid layer in subcutaneous tissue to create space for drugs to be absorbed quickly. Applying this technology allows existing IV anticancer drugs to be administered in just a few minutes.
The main purpose of this agreement is for Biogen to apply this technology to develop two biologic products. The upfront payment Alteogen will receive is $20 million (about 30 billion won). When development of the second product begins, it will receive an additional $10 million (about 15 billion won) upfront.
In addition, upon achieving key milestones tied to the development, approval, and sales of the two products, it can receive up to $549 million (about 822.6 billion won).
After commercialization, it will also secure royalties based on product sales. Under detailed contract terms, Biogen secured rights for development of a third product as well.
Jeon Tae-yeon, CEO of Alteogen, said, "We are very pleased to jointly pursue the development of innovative products for patients through our partnership with Biogen."