Alteogen has signed an exclusive licensing agreement with a global pharmaceutical company to develop and commercialize subcutaneous (SC) formulations of biologic drugs using its Hybrozyme® platform technology, the company said on Aug. 5.
Under the agreement, Alteogen will apply its recombinant human hyaluronidase technology, ALT-B4, to develop and commercialize an SC formulation of one biologic drug product. The global pharmaceutical company will secure exclusive rights to develop and commercialize the product.
The total value of the agreement is up to $365 million, including upfront payments and development, regulatory approval and commercialization milestone payments. Alteogen will also receive separate sales royalties based on net sales generated after commercialization.
ALT-B4 is the core technology of Alteogen’s Hybrozyme platform and is used to convert intravenous (IV) biologic therapies into SC formulations. SC formulations have attracted significant interest from global pharmaceutical companies as they can reduce administration time and improve patient convenience.
The company did not disclose specific details, including the name of the partner or the product covered by the agreement, citing confidentiality obligations under the contract.
“We are pleased to have signed a licensing agreement with a global partner that has led the development of innovative therapies in areas with significant unmet medical needs,” Alteogen CEO Jeon Tae-yeon said. “We will continue expanding global partnerships and accelerate the growth of our platform business.”