Alteogen signs deal with Novartis worth up to 4.4 tln won for subcutaneous formulations

Korean biotech firm Alteogen Inc. announced on Wednesday that it had entered into a licensing and option agreement with Swiss pharmaceutical giant Novartis AG. The deal is valued at up to 4.4 trillion won, or approximately $3.2 billion, and will enable Novartis to develop and commercialize subcutaneous (SC) formulations utilizing Alteogen's proprietary ALT-B4 technology.

Under the terms of the agreement, Novartis will secure exclusive rights to develop and market SC formulations for multiple products employing ALT-B4. If all development and commercialization milestones are achieved, Alteogen will also receive royalties on net sales generated from these products.

ALT-B4, a recombinant human hyaluronidase, was developed using Alteogen's Hybrozyme platform technology. This innovative enzyme has the ability to transform intravenously administered biologic drugs into subcutaneous formulations. The agreement marks Alteogen's fourth ALT-B4 licensing arrangement with a major pharmaceutical company this year, highlighting the growing demand for SC formulations in the biopharmaceutical industry.