DAEJEON, South Korea – Alteogen Inc. (KOSDAQ: 196170) announced today that the company has entered into an exclusive license agreement with Tesaro, Inc., a subsidiary of GSK. Under the terms of the agreement, Tesaro will acquire world-wide rights to use ALT-B4, Alteogen’s novel hyaluronidase utilizing Hybrozyme™ Technology, for the development and commercialization of a subcutaneous formulation of dostarlimab, a programmed death receptor-1 (PD-1) blocking antibody.

Alteogen will receive an upfront payment of US$20 million and is eligible to receive milestone payments up to US$265 million upon achievement of specified development, regulatory and sales milestones. Additionally, Alteogen will be entitled to receive royalties on the sales of the commercialized product. Alteogen will be responsible for clinical and commercial supply of ALT-B4 to Tesaro.

“We are excited to expand our Hybrozyme™ technology by collaborating with Tesaro in the oncology field, and look forward to developing and bringing this potential subcutaneous medicine to market,” said Tae-Yon Chun, Ph.D., CEO of Alteogen.

ALT-B4

ALT-B4 is Alteogen’s proprietary human recombinant hyaluronidase enzyme developed utilizing 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 South 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™-fusion and NexMab™ platform technology, respectively. It also developed a proprietary recombinant human hyaluronidase enzyme utilizing Hybrozyme™ technology, which enables the large volume subcutaneous administration of drugs that are typically administered as an IV infusion. The company was founded in 2008 and listed on KOSDAQ (196170.KQ).