An exterior view of Alteogen’s headquarters and research center. Photo courtesy of Alteogen
Alteogen (196170) has signed a licensing agreement with global pharmaceutical company Novartis covering subcutaneous (SC) formulations based on its ALT-B4 platform. It is the company’s fourth licensing deal this year, bringing the cumulative maximum contract value to $4.452 billion (about 6.0965 trillion won).
Alteogen said on the 2nd that it had entered into an option and license agreement with Novartis for the development and commercialization of SC formulation drugs based on ALT-B4, which applies the company’s Hybrozyme technology. If all options are exercised and development and commercialization milestones are met, Alteogen will receive up to $3.223 billion (about 4.4165 trillion won). The company will also receive separate royalties on net sales after commercialization.
Under the agreement, Novartis will secure exclusive rights through multiple options to develop and commercialize subcutaneous formulations for multiple products using ALT-B4. ALT-B4 is a proprietary recombinant human hyaluronidase developed by Alteogen that is used to convert intravenous (IV) biologic drugs into SC formulations.
The agreement is the largest Alteogen has signed this year and the second-largest in its history. The company began the year with a deal worth up to $285 million with Tesaro, a GSK subsidiary, in February, followed by agreements with Biogen in March (up to $579 million) and an undisclosed pharmaceutical company in August (up to $365 million). Based on maximum contract value, this year’s deals total $4.452 billion.
“Ahead of signing the agreement with Novartis, we conducted evaluations of subcutaneous formulation conversion applying ALT-B4 to various modalities,” Alteogen CEO Jeon Tae-yeon said. “This is a meaningful achievement that once again demonstrates the technological strength and commercial viability of the Hybrozyme platform.”