Alteogen's shares have surged 6% following the announcement of a licensing agreement worth 520 billion won.
According to the Korea Exchange, as of 9:47 a.m., Alteogen's stock was trading at 283,000 won, up 16,000 won (5.99%) from the previous trading day.
On this day, Alteogen disclosed in a pre-market announcement regarding significant management matters that it has entered into an exclusive licensing agreement for its recombinant human hyaluronidase product, ALT-B4.
The agreement involves the development and commercialization of a subcutaneous formulation for one product from a partner company, utilizing Alteogen's Hybrozyme platform-based recombinant human hyaluronidase ALT-B4. The identity of the partner company has not been disclosed due to confidentiality obligations.
The total value of the agreement, which includes upfront payments and milestone payments for development, approval, and commercialization, could reach up to $365 million (approximately 521.9 billion won). Alteogen is expected to receive the upfront payment within 30 days from the effective date of the agreement, which is today.
However, the company noted that this agreement is conditional upon approval from regulatory authorities. Therefore, if clinical trials fail, product approvals are not granted, or research and development is halted, the contract may be terminated. Additionally, the maximum contract amount may vary based on the progress of development and commercialization.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.