Alteogen signs deal with Novartis worth up to $3.2 bil. for subcutaneous formulations
Alteogen's headquarters in Daejeon / Courtesy of Alteogen
Korean biotechnology company Alteogen Inc. said Wednesday that it signed an option and licensing agreement with Novartis AG worth up to 4.4 trillion won ($3.2 billion) to develop and commercialize subcutaneous (SC) formulations using its ALT-B4 technology.
Under the agreement, the Swiss pharmaceutical company will have exclusive rights, through multiple options, to develop and commercialize SC formulations for multiple products using ALT-B4, Alteogen said in a press release.
In addition to up to 4.4 trillion won available if all development and commercialization milestones are met, the company will also receive royalties on net sales after commercialization, it said.
ALT-B4 is a recombinant human hyaluronidase developed using Alteogen's Hybrozyme platform technology. It enables biologic drugs administered intravenously (IV) to be converted into SC formulations, the company said.
The deal marks Alteogen's fourth ALT-B4 licensing agreement with a global pharmaceutical company this year.
ALT-B4 temporarily breaks down hyaluronic acid, a key component of the extracellular matrix, to help drugs administered with it to spread and be more easily absorbed by the body.