Alteogen announced on the 2nd that it has received a milestone payment from China’s Chiru Pharmaceutical following the completion of clinical trials for the Herceptin biosimilar ALT-L2. In February, Alteogen invoiced Chiru Pharmaceutical for the milestone upon meeting the conditions.
The company stated, "Through receiving this milestone, we have once again confirmed Chiru Pharmaceutical’s commitment to the commercialization of ALT-L2." This is because they conducted the costly Phase 3 clinical trials, produced the Clinical Study Report (CSR), and paid the promised milestone to Alteogen during the product approval process.
An Alteogen representative said, "Our technology licensing partners continue to demonstrate their commitment to advancing clinical trials and commercialization," adding, "Receiving this milestone is encouraging as it reaffirms the commercialization intent for ALT-L2, one of the most advanced items in our pipeline."
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