Sept 2 (Reuters) – South Korea’s Alteogen said on Wednesday it has signed a deal with Novartis worth up to $3.22 billion, giving the Swiss drugmaker access to its technology to make injectable versions of intravenous drugs.
Here are the details:
• Drugmakers are increasingly developing under-the-skin versions of medicines traditionally delivered through IV infusions due to their convenience.
• The licensing agreement gives Novartis multiple options to gain exclusive rights for Alteogen’s Hybrozyme technology using the company’s ALT-B4 enzyme, also known as berahyaluronidase alfa.
• ALT-B4 works by temporarily breaking down hyaluronan, a natural substance found in the body’s tissue, allowing medicines to spread and be absorbed more quickly when injected under the skin.
• Alteogen said it would be eligible to receive up to $3.22 billion if Novartis exercises all options and all development and commercial milestones are achieved. The figure includes option exercise fees, milestone payments and royalties on future product sales.
• This marks Alteogen’s fourth such licensing deal this year.
• The ALT-B4 technology is used in the injectable version of Merck’s top-selling drug, Keytruda. The injection, branded Keytruda Qlex, got FDA approval last year.
(Reporting by Kamal Choudhury in Bengaluru; Editing by Leroy Leo)