Seoul: South Korean biotechnology company Alteogen Inc. announced that it has signed an option and licensing agreement with Novartis AG valued at up to 4.4 trillion won (US$3.2 billion) for the development and commercialization of subcutaneous formulations using its ALT-B4 technology.

According to Yonhap News Agency, the agreement grants the Swiss pharmaceutical company exclusive rights, through multiple options, to develop and commercialize subcutaneous formulations for several products utilizing ALT-B4. Alteogen has stated that, in addition to the potential 4.4 trillion won if all development and commercialization milestones are achieved, the company will also receive royalties on net sales following commercialization.

ALT-B4, a recombinant human hyaluronidase, is developed using Alteogen's Hybrozyme platform technology. The technology allows biologic drugs administered intravenously to be converted into subcutaneous formulations. This agreement marks Alteogen's fourth ALT-B4 licensing deal with a global pharmaceutical company this year, reflecting the growing interest and demand for this innovative technology.

ALT-B4 functions by temporarily breaking down hyaluronic acid, a crucial component of the extracellular matrix. This process facilitates the spread and absorption of drugs administered with it, enhancing their efficacy and convenience for patients.