Alteogen(196170) signed an additional technology export deal for its subcutaneous injection (SC) formulation conversion platform technology.
Alteogen said on the 5th that it signed an exclusive license agreement with a global pharmaceutical company to develop and commercialize a biologic SC formulation using its Hybrozyme platform technology. Alteogen did not disclose the counterparty or the product name due to confidentiality obligations under the contract.
Under the deal, the partner secured exclusive rights to develop and commercialize one of its biologics as a subcutaneous formulation by applying Alteogen's recombinant human hyaluronidase "ALT-B4."
The deal is worth up to $365 million (about 521.9 billion won), including an upfront payment and milestones for development, approval, and commercialization. After the product launches, Alteogen will receive separate sales royalties based on revenue.
ALT-B4 is a platform technology that helps convert biologics administered by intravenous (IV) infusion into SC formulations. By shortening administration time and improving patient convenience, it has drawn interest from global pharmaceutical companies.
Chief Executive Jeon Tae-yeon of Alteogen said, "We have partnered with a global pharmaceutical company that has developed innovative therapies in areas with high unmet medical needs," and added, "We will expand global partnerships to continue growing our platform business."