DAEJEON, South Korea--(BUSINESS WIRE)--Dec 2, 2019--
Alteogen Inc. (KOSDAQ:196170) announced today that it has entered into a non-exclusive global license agreement with a top 10 Global Pharmaceutical Company (GPC) to use ALT-B4, Alteogen’s novel hyaluronidase-derived technology called Hybrozyme™ technology.
ALT-B4 is a proprietary recombinant human hyaluronidase enzyme that enables large-volume subcutaneous administration of biologics that would otherwise be administered as an IV injection.
“We are pleased to enter into our first global agreement for ALT-B4 with an experienced top pharmaceutical company,” said Dr. Soon Jae Park, Chief Executive Officer of Alteogen. “We believe that this deal signifies the potential value of our technology and we look forward to working with the team at the GPC to bring more convenient treatment administration options to patients.”
Under the terms of the agreement, Alteogen has granted worldwide rights for GPC to develop and commercialize multiple products in combination with Hybrozyme™ technology while Alteogen will be responsible for the clinical and commercial supply of ALT-B4 materials. Alteogen will receive an initial payment of USD 13 million and is also eligible to receive additional milestones upon GPC’s achievement of specified development, regulatory and sales milestones, totaling up to USD 1.373 billion.
ALT-B4 is Alteogen’s proprietary recombinant human hyaluronidase enzyme developed utilizing the Hybrozyme™ technology. ALT-B4 can enable the large volume subcutaneous administration of drugs that are typically administered as an IV injection. ALT-B4 does this by temporarily hydrolyzing hyaluronan in the extracellular matrix.
About Alteogen Inc.
Alteogen Inc. is a Korea-based biopharmaceutical company that focuses on the development and commercialization of novel biologics such as Antibody-Drug Conjugates (ADCs), biobetters and biosimilars. Alteogen’s portfolio includes clinical-stage long-acting therapeutic proteins and next-generation ADCs, developed by its proprietary NexP TM -fusion and NexMab TM platform technology, respectively. It also develops Herceptin SC and Eylea biosimilars. The company was founded in 2008 and listed in KOSDAQ (196170.KQ).
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KEYWORD: ASIA PACIFIC SOUTH KOREA
INDUSTRY KEYWORD: BIOTECHNOLOGY PHARMACEUTICAL HEALTH CLINICAL TRIALS
SOURCE: Alteogen Inc.
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PUB: 12/02/2019 08:00 AM/DISC: 12/02/2019 08:02 AM