Novartis signs deal worth up to $3.2 billion for Alteogen's drug delivery technology

Sept 2 — South Korea's Alteogen said on Wednesday it has ​signed a deal with Novartis worth up to $3.22 billion, giving the Swiss drugmaker ‌access to its technology to make injectable versions of intravenous ⁠drugs.

Here are the details:

• ​Drugmakers are increasingly developing ⁠under-the-skin versions of medicines traditionally delivered through ‌IV infusions ‌due to their convenience.

• The licensing agreement gives ⁠Novartis multiple options ⁠to gain exclusive rights for Alteogen's Hybrozyme technology using the company's ALT-B4 enzyme, also known as berahyaluronidase alfa.

• ALT-B4 works by temporarily breaking down hyaluronan, a natural substance found ‌in the body's tissue, allowing ​medicines to spread and be absorbed more quickly when injected under the skin.

• Alteogen said it would be eligible to receive up to $3.22 billion if Novartis exercises all options and all development and commercial milestones are achieved. ​The figure includes option exercise fees, milestone ‌payments and royalties ‌on ⁠future product sales.

• This marks Alteogen's fourth such licensing deal this year.

• The ALT-B4 technology is used in the injectable version of Merck's ‌top-selling drug, Keytruda. ​The injection, branded Keytruda ‌Qlex, got FDA ⁠approval last ​year.

(Reporting by Kamal Choudhury in Bengaluru; Editing by Leroy ​Leo)

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