Biopharmaceutical platform company Alteogen announced on September 2 that it has signed a technology export agreement with Swiss pharmaceutical giant Novartis worth up to $3.223 billion (approximately ₩4.4165 trillion, or roughly $3.2 billion). This marks the company’s fourth deal this year and the largest single contract of 2026.
The agreement grants Novartis exclusive rights to apply ALT-B4, Alteogen’s proprietary recombinant human hyaluronidase, to multiple Novartis biopharmaceutical products for development and commercialization as subcutaneous (SC) formulations. Novartis will be able to leverage ALT-B4 across several products through multiple options. Specific drug candidates or product names were not disclosed.
ALT-B4 is an enzyme used to convert biopharmaceuticals originally administered via intravenous (IV) infusion into subcutaneous injection formulations. It works by temporarily breaking down hyaluronic acid—a key component of the extracellular matrix beneath the skin—enabling high-dose medications to diffuse and absorb rapidly. This allows therapies that previously required lengthy hospital-based IV infusions to be delivered via quick subcutaneous injections, significantly improving patient convenience.
Specific amounts for upfront payments, option exercise fees, and development and commercialization milestones were not disclosed due to confidentiality obligations between the two companies. The total $3.223 billion represents the maximum amount receivable if all options are exercised and all stage-gated conditions, including clinical trial success, are met. Following commercialization, Alteogen will separately receive royalties calculated as a percentage of net sales.
Jeon Tae-yeon, CEO of Alteogen, said, “Prior to signing the agreement with Novartis, we conducted evaluations on subcutaneous formulation conversion applying ALT-B4 across various modalities. This is a meaningful achievement that once again validates the technological capabilities and commercial viability of our Hybrozyme platform.”
Fourth Deal This Year… Cumulative Value Surpasses ₩6 Trillion
Alteogen has been delivering a steady stream of technology export results centered on ALT-B4 throughout 2026. Starting with a deal worth up to $285 million with Tesaro, a GSK subsidiary, in February, the company followed with a contract worth up to $579 million with Biogen in March and a deal worth up to $365 million with an undisclosed global pharmaceutical company in August. Including the Novartis agreement, Alteogen’s cumulative maximum contract value for the year now reaches $4.452 billion (approximately ₩6.0965 trillion, or roughly $4.4 billion).
The Novartis deal is the second-largest contract in Alteogen’s history. Novartis ranks among the top seven global pharmaceutical companies, with 2025 revenue of approximately ₩75 trillion (around $54.8 billion).
TimingCounterpartyMaximum Contract ValueFebruaryTesaro (GSK subsidiary)$285 millionMarchBiogen$579 millionAugustUndisclosed global pharma$365 millionSeptemberNovartis$3.223 billion
Note: Based on maximum contract value. Actual amounts received may vary depending on option exercises and milestone achievements.
Platform Technology Value Validated
The core significance of this deal lies in its structure—applying ALT-B4 to multiple Novartis products rather than a single drug. Industry observers note that Alteogen is positioning itself as a platform provider utilized across multiple pipelines of a global big pharma company, moving beyond individual drug technology transfers.
Industry analysts view the adoption of Alteogen’s technology by multiple global pharmaceutical companies as evidence of the platform’s competitive strength. With growing demand for subcutaneous formulations in clinical settings, there is ample potential for additional technology export deals.
However, the ₩4.4165 trillion contract value is not guaranteed revenue. The agreement is a conditional contract contingent upon regulatory approvals, and actual amounts received may vary depending on option exercises and the success of clinical trials, product approvals, and commercialization. The contract could be terminated in the event of R&D discontinuation or regulatory approval failures.
Securities analysts expect Alteogen to accelerate its growth trajectory by continuing to secure contracts with global big pharma companies based on its Hybrozyme platform.