Alteogen (196170.KQ) has signed a technology licensing agreement with Novartis worth up to 4.4 trillion won ($3.22 billion).
The company said on the 2nd that it had entered into an option and license agreement with Novartis for the development and commercialization of subcutaneous (SC) formulations based on ALT-B4, which applies Alteogen's Hybrozyme technology. Under the deal, Novartis secures exclusive rights to develop and commercialize SC formulations for multiple products using ALT-B4.
The agreement is the second-largest licensing deal in Alteogen's history and its fourth this year. If Novartis exercises all options and all development and commercialization milestones are met, Alteogen will receive up to $3.223 billion, or about 4.4165 trillion won. The company will also receive separate royalties based on net sales once products are commercialized. Alteogen's largest deal to date is an agreement with U.S. drugmaker Merck to convert Keytruda to an SC formulation, valued at up to $4.317 billion.
"Novartis is a world-class pharmaceutical company leading the global healthcare industry," Alteogen CEO Jeong Hye-shin said. "This partnership is a meaningful achievement that once again validates the technological strength and commercial potential of Alteogen's Hybrozyme platform."
