South Korea-based Alteogen Inc. (KOSDAQ: 196170) has signed an exclusive license agreement with an undisclosed global pharmaceutical company, granting worldwide rights to develop and commercialize a subcutaneous biologic product using Alteogen's recombinant hyaluronidase ALT-B4 (berahyaluronidase alfa). Alteogen is eligible to receive up to USD 365 million in an upfront payment plus development, regulatory, and sales milestones, with royalties on net sales sitting outside that ceiling.
The deal is the latest in a rapid sequence of ALT-B4 out-licenses. Alteogen licensed the technology to Biogen Inc. for two subcutaneous biologics in March 2026, and to Tesaro, a GSK subsidiary, for a subcutaneous formulation of dostarlimab in January 2026. The USD 365 million single-asset ceiling sits above the USD 300 million total reported for Alteogen's November 2024 deal with Daiichi Sankyo covering subcutaneous ENHERTU, and below the USD 750 million AstraZeneca/MedImmune transaction for a separate undisclosed oncology asset, also announced in late 2024.
ALT-B4 is a delivery-enabling enzyme rather than a therapeutic in its own right. By transiently depolymerizing hyaluronan in the extracellular matrix, the company says it facilitates rapid dispersion and absorption of co-administered biologics, allowing intravenous drugs to be reformulated for subcutaneous injection. The platform's commercial credibility was established on September 19, 2025, when the FDA approved Keytruda Qlex (pembrolizumab and berahyaluronidase alfa-pmph), the subcutaneous formulation of Merck's anti-PD-1 therapy, across most solid tumor indications — the first approved product incorporating ALT-B4. The European Commission approved subcutaneous pembrolizumab across all adult KEYTRUDA indications in November 2025.