After attracting GSK with its subcutaneous delivery tech at the top of the year, South Korea’s Alteogen has snared another Big Pharma partner in Biogen.
Biogen will hand Alteogen $20 million upfront for help developing subcutaneous formulations of two unnamed biologics using Alteogen’s Hybrozyme technology and its recombinant human hyaluronidase ALT-B4.
As part of the license agreement, Alteogen is in line to receive another $10 million should Biogen kick off development of the second product, and the company is further eligible to receive up to $549 million tied to potential development and regulatory milestones, plus sales targets on the two products combined.
Alteogen would also be up for royalties on net sales of the prospective subQ medicines should they make it to market, the company said in a March 25 press release.
As part of the arrangement, Biogen also has an option to leverage Alteogen’s technology to develop a third unnamed product.
ALT-B4, which also goes by the name berahyaluronidase alfa, is a recombinant human hyaluronidase developed using Alteogen’s Hybrozyme platform.
The company’s hyaluronidase enzyme permits the “rapid and efficient dispersion and absorption of co-administered therapeutics” and has been designed to help convert biologics typically administered via intravenous infusion into subcutaneous formulations, Alteogen explained in its release.
“We are very pleased to enter into this partnership and look forward to advancing innovative therapies together for patients," Tae-Yon Chun, Alteogen’s CEO, said of the Biogen tie-up in Wednesday’s announcement.
The partners did not clarify which Biogen drugs they will attempt to reformulate for subcutaneous delivery.
Earlier this year, Alteogen pulled GSK into ALT-B4’s orbit, linking up under another $20 million upfront deal to specifically develop a subcutaneous formulation of the British pharma’s checkpoint inhibitor Jemperli (dostarlimab). Alteogen stands to gain up to $265 million more from the deal tied to development, regulatory and sales milestones and would once again be in line for royalties if the reformulated product goes commercial.
Since 2024, Alteogen has also inked similar deals with the likes of Daiichi Sankyo on its AstraZeneca-partnered antibody-drug conjugate Enhertu as well as with AZ around potential subQ oncology products more broadly.