[Special Stock] Alteogen Signs Joint Development Agreement for Hyaluronidase with Sandoz... New High

Alteogen is showing strong performance following the news of signing a joint development contract for hyaluronidase with Swiss pharmaceutical company Sandoz. It recorded a 52-week high during the trading session.

As of 9:20 AM on the 31st, Alteogen is trading at 326,500 KRW, up 6,000 KRW (1.87%) from the previous day. During the session, it rose to 327,500 KRW, setting a new 52-week high.

Alteogen announced that it signed a joint development and license agreement with Sandoz for the development of hyaluronidase. Previously, in 2022, the two companies had agreed on the use of ALT-B4, a subcutaneous injection formulation conversion technology applying hyaluronidase developed by Alteogen, for one product under development by Sandoz. However, this new contract cancels and replaces the previous agreement, and the two companies have agreed that Sandoz will develop multiple subcutaneous biosimilar formulations using a different hyaluronidase technology developed by Alteogen, not ALT-B4. Hyaluronidase is an enzyme that breaks down the hyaluronic acid layer in the skin and is used to convert intravenous biosimilar drugs into subcutaneous injection formulations.

Minyong Eom, a researcher at Shinhan Investment Corp., said, "The milestone and royalty from this re-contract are estimated to be around 800 billion to 1 trillion KRW," adding, "With the Sandoz re-contract, Alteogen’s target stock price is raised from 300,000 KRW to 375,000 KRW."