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View of Alteogen Headquarters. (Photo: Alteogen) |
[Alpha Biz= Kim Jisun] Biotechnology company Alteogen announced on Monday that it signed a technology licensing agreement with MedImmune, the biopharmaceutical research and development subsidiary of global pharmaceutical giant AstraZeneca, on March 15. The agreement involves developing anti-cancer therapies using Alteogen’s proprietary human hyaluronidase technology, ALT-B4.
The deal consists of two separate agreements with MedImmune’s U.S. entity (MedImmune, LLC) and its U.K. entity (MedImmune Limited), totaling $1.35 billion (approximately KRW 1.964 trillion).
Under the agreement, Alteogen has granted AstraZeneca exclusive rights to develop subcutaneous (SC) formulations for multiple anti-cancer drugs.
Alteogen possesses technology that converts intravenous (IV) formulations into subcutaneous (SC) formulations. The key advantage of SC injections is the significantly reduced administration time. While IV administration of immuno-oncology drugs typically takes 30 minutes to an hour, SC formulations can shorten this to just 3 to 5 minutes.
Through the agreement with MedImmune’s U.S. entity, Alteogen could receive up to $600 million (approximately KRW 872.4 billion). This contract covers the development and commercialization of a single product incorporating ALT-B4. It includes an upfront payment of $20 million (approximately KRW 29.1 billion) and milestone payments of up to $580 million (approximately KRW 843.8 billion), depending on clinical progress, regulatory approvals, and commercialization success. Royalty payments from sales will be negotiated separately. However, the total amount could be reduced if clinical trials fail or sales figures fall short.
On the same day, Alteogen also signed an agreement worth up to $750 million (approximately KRW 1.09 trillion) with MedImmune’s U.K. entity. This deal covers the development and commercialization of two products using ALT-B4. The agreement includes an upfront payment of $25 million (approximately KRW 36.4 billion) and milestone payments of up to $725 million (approximately KRW 1.05 trillion). Royalty payments will be determined separately.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
