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Alteogen Headquarters (Photo = Alteogen) |
[Alpha Biz= Kim Jisun] Alteogen announced on March 25 that it has signed an exclusive licensing agreement with U.S.-based pharmaceutical company Biogen for the development and commercialization of subcutaneous (SC) formulations of biologics using its Hybrozyme® platform.
Alteogen owns the proprietary Hybrozyme® platform, which enables the conversion of intravenous (IV) drugs into subcutaneous (SC) formulations that can be administered in a significantly shorter time. Its key component, hyaluronidase ALT-B4, breaks down hyaluronic acid in subcutaneous tissue, creating space for rapid drug absorption. This technology allows treatments that previously required lengthy IV infusions to be delivered in just minutes.
Under the agreement, Biogen will utilize the platform to develop two biologic products. Alteogen will receive an upfront payment of $20 million (approximately KRW 30 billion), with an additional $10 million payable upon the initiation of development for the second product.
The deal also includes milestone payments of up to $549 million (approximately KRW 822.6 billion) tied to development, regulatory approvals, and commercial performance of the two products.
Following commercialization, Alteogen will be entitled to royalties based on product sales. Under the terms of the agreement, Biogen also secures an option to develop a third product using the platform.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
