[Market Focus] Alteogen Surges Over 10% on U.S. Approval of Anticancer Injection... "Global Royalties Expected"

On the morning of September 22, Alteogen shares surged nearly 10% in early trading. The buying momentum appears to have strengthened following news that an anticancer injection utilizing Alteogen's technology has received approval from the U.S. Food and Drug Administration (FDA).

As of 9:12 a.m. on this day, Alteogen's share price on the KOSDAQ market was up 9.42% from the previous trading day, reaching 517,000 won. The stock opened at 507,000 won and expanded its gains, rising as high as 519,000 won during intraday trading.

On September 20, Alteogen announced that its U.S. partner, Merck (MSD), had obtained FDA approval for the subcutaneous (SC) formulation of its immuno-oncology drug, Keytruda Qurex. The recombinant human hyaluronidase alpha (ALT-B4) used in Keytruda Qurex was developed and manufactured by Alteogen. By utilizing human hyaluronidase, this product enables the conversion of intravenous biologic drugs into subcutaneous injections. This means that immuno-oncology drugs, which previously required patients to lie down for extended periods for infusion, can now be administered in just one to two minutes.

If sales of Keytruda Qurex become active, Alteogen is expected to generate over 1 trillion won in annual royalty income. On this day, Um Minyong, a researcher at Shinhan Investment Corp., commented, "For the first time in the history of Korean biotechnology, a domestic platform has been incorporated into the world's top-selling blockbuster drug and received FDA approval," adding, "Alteogen is expected to see the largest growth in sales and profits as it receives royalties from around the world."

He also noted, "The first sales milestone will be immediately reflected in Alteogen's fourth-quarter earnings," and added, "All conditions have now been met for a move to the KOSPI."