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Alteogen Headquarters. (Photo: Alteogen) |
[Alpha Biz= Paul Lee] Alteogen announced on January 20 that it has signed a technology transfer agreement worth approximately 420 billion KRW (about $420 million) with Tesaro, a subsidiary of global pharmaceutical company GlaxoSmithKline (GSK).
Under the agreement, Tesaro will utilize Alteogen’s Hybrozyme technology-applied “ALT-B4” to develop and commercialize a subcutaneous (SC) formulation of the immuno-oncology drug Zejula (active ingredient dostarlimab).
Alteogen will receive an upfront payment of $20 million (approximately 29.5 billion KRW) and is eligible to earn milestone payments totaling up to $265 million (approximately 390.5 billion KRW) upon achieving development, regulatory, and sales milestones. In addition, Alteogen will receive royalties based on product sales after commercialization. Clinical and commercial supply of ALT-B4 will be handled by Alteogen.
ALT-B4 is a recombinant enzyme protein that breaks down hyaluronic acid, which hinders drug penetration in subcutaneous tissue, allowing drugs to be delivered more effectively via SC injection. The technology is key to converting intravenous (IV) drugs into SC formulations. Zejula, developed by GSK, is an immuno-oncology therapy used for the treatment of advanced or recurrent endometrial cancer.
Alteogen’s former CEO stated, “We are pleased to collaborate with Tesaro in the oncology field through this agreement, expanding the application of our Hybrozyme technology. We look forward to the successful development and market launch of the subcutaneous formulation.”
Despite the announcement, Alteogen’s stock closed at 481,000 KRW on the day, down 3.02% from the previous day.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
