WESTON (dpa-AFX) - Shares of Alteogen Inc. (196170.KQ) gained around 6 percent on Thursday's trading in South Korea after the biopharma company announced that it has entered into an exclusive license agreement with Biotechnology company Biogen, Inc. (BIIB) for the development and commercialization of Hybrozyme-based Subcutaneous Biologics in up to $579 million deal.
In South Korea, Alteogen shares closed Thursday's regular trading at 381,000 won, up 6.28%.
In pre-market activity on the Nasdaq, Biogen shares were losing around 2 percent to trade at $185.36.
Under the deal, Biogen gains rights to develop and commercialize subcutaneous or SC formulations for two products utilizing ALT-B4 (berahyaluronidase alfa) powered by Alteogen's Hybrozyme technology.
ALT-B4 (berahyaluronidase alfa) is a proprietary recombinant human hyaluronidase developed using Alteogen's Hybrozyme platform technology.
Alteogen will receive an upfront payment of $20 million and is eligible to receive an additional $10 million upon initiation of development of the second product.
In addition, the company is eligible to receive up to $549 million in development, regulatory, and sales milestone payments for the two products combined.
Following commercialization, Alteogen will also be entitled to receive royalties based on net sales.
Under the agreement, Biogen also holds an option to develop a third product.
For More Such Health News, visit rttnews.com
Copyright(c) 2026 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2026 AFX News
