Alteogen announced on Wednesday that it has entered into an exclusive licensing agreement with global pharmaceutical giant Biogen.
The deal grants Alteogen an exclusive license for the development and commercialization of subcutaneous injection (SC) biopharmaceuticals based on its ALT-B4 platform, which incorporates the company’s proprietary Hybrozyme technology for subcutaneous formulation.
Under the agreement, Biogen secures exclusive rights to develop and commercialize subcutaneous formulations of two biopharmaceutical products using Alteogen’s ALT-B4 technology.
Alteogen will receive an upfront payment of 20 million USD upon signing the contract, with an additional 10 million USD due when development of the second product begins.
The company stands to earn up to 549 million USD in milestone payments tied to key development, regulatory, and sales achievements for both products. Once commercialized, Alteogen will also receive royalties based on product sales.
The agreement includes an option for Biogen to develop a third product under the same terms.
Jeon Tae-yeon, Chief Executive Officer (CEO) of Alteogen, expressed enthusiasm about the partnership, stating that Biogen is a global biotech leader known for its robust research and development (R&D) capabilities and innovative approach. It is thrilled to collaborate on developing groundbreaking products that will benefit patients worldwide.