[BusinessWire Link] https://www.businesswire.com/news/home/20230102005028/en/Alteogen-Enters-Into-an-Exclusive-License-Agreement-to-Develop-and-Commercialize-Biosimilar-Products-Enabled-by-Alteogen%E2%80%99s-Hybrozyme%E2%84%A2-Technology
January 02, 2023 09:00 AM Eastern Standard Time
DAEJEON, South Korea--(BUSINESS WIRE
(KOSDAQ:196170) announced today that the company has entered into an exclusive license agreement with Sandoz AG
. Under the terms of the agreement, Sandoz will acquire the world-wide rights to use ALT-B4, Alteogen’s novel hyaluronidase derived utilizing Hybrozyme™ Technology, to develop and commercialize a subcutaneous version of a Sandoz biosimilar product. In addition, the agreement includes an option for Sandoz to license the Hybrozyme™ technology for two further products.
Alteogen will receive an upfront payment and is eligible to receive milestone payments upon Sandoz’ achievement of specified development, regulatory and sales milestones. Further, Alteogen will be entitled to receive tiered royalties ranging from mid-single digit to low-double digit on sales of the commercialized product. Alteogen will be responsible for regulatory development and commercial supply of ALT-B4 to Sandoz. For the two option products under this agreement, Alteogen and Sandoz will negotiate separate agreements at the time of exercising each option. The agreement allows for both companies to collaborate on the development and commercialization of additional products that Sandoz may undertake to develop.
“We are pleased to enter into this agreement with a pioneering company like Sandoz, which has a global presence and an unparalleled track record of bringing high quality biosimilars to market,” said Dr. Soon Jae Park, Chief Executive Officer of Alteogen. “We look forward to a productive and constructive collaboration bringing multiple products to the market for the benefit of patients. Both companies share a belief in the necessity of increasing patient access to high quality biosimilars.”
ALT-B4 is Alteogen’s proprietary human 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 infusion. ALT-B4 does this by temporarily hydrolyzing hyaluronan in the extracellular matrix.
About Alteogen Inc.
Alteogen Inc. is a Korean biotechnology company that focuses on the development and commercialization of novel biologics such as Antibody-Drug Conjugates (ADCs) and biobetters and biosimilars, including Eylea® biosimilar under global phase 3 clinical trial. The company was founded in 2008 and listed in KOSDAQ (196170.KQ).