Alteogen Enters Into an Exclusive License Agreement With Intas to Develop and Commercialize Two Products Enabled by Its Hybrozyme™ Technology
DAEJEON, South Korea--(BUSINESS WIRE)-- Alteogen Inc. (KOSDAQ:196170) announced today that it has entered into an exclusive license agreement with Intas Pharmaceuticals Ltd. to use ALT-B4, Alteogen’s novel hyaluronidase – derived utilizing the Hybrozyme™ technology – to develop and commercialize two products.
Under the terms of the agreement, Alteogen has granted worldwide rights, except for a few Asian countries, for Intas to develop two products in combination with ALT-B4. Alteogen will receive an initial payment of USD 6 Million and is also eligible to receive additional milestones upon Intas’ achievement of specified development, regulatory and sales milestones, totaling up to USD 109 Million. In addition, Alteogen will be entitled to receive a tiered royalty ranging from mid-single digit to low double digit on sales of commercialized products. Alteogen will be responsible for regulatory development and commercial supply of ALT-B4 to Intas.
“We are pleased to enter into this agreement with Intas, a fast growing and leading pharmaceutical company,” said Dr. Soon Jae Park, Chief Executive Officer of Alteogen, “we look forward to collaborating with Intas in bringing two products to the market for the benefit of patients”.
“We are truly excited by this partnership, which brings together the expertise and heritage of Alteogen with Intas’ strong development and manufacturing capabilities as well as extensive commercial reach,” said Mr. Binish Chudgar, Vice Chairman of Intas Pharmaceuticals, “this agreement underlines our vision and commitment to increasing access to life-changing medicines that can make a real difference to patient lives.”
ALT-B4 is Alteogen’s proprietary human recombinant human hyaluronidase enzyme developed utilizing the Hybrozyme™ technology. ALT-B4 can enable the large volume subcutaneous administration of drugs that are typically administered as an IV injection. ALT-B4 does this by temporarily hydrolyzing hyaluronan in the extracellular matrix.
About Alteogen Inc.
Alteogen lnc. is a Korea-based biopharmaceutical company that focuses on the development and commercialization of novel biologics such as Antibody-Drug Conjugates (ADCs), biobetters and biosimilars. Alteogen’s portfolio includes clinical-stage long-acting therapeutic proteins and next-generation ADCs, developed by its proprietary NexP™-fusion and NexMab™ platform technology, respectively. It is also developing Eylea biosimilar. The company was founded in 2008 and listed in KOSDAQ (196170.KQ).
About Intas Pharmaceuticals Ltd.
Intas is one of the leading multinational pharmaceutical formulation development, manufacturing and marketing companies in the world. It has been growing at about 26% CAGR over the last five years and crossed the USD 2 billion mark in the past financial year. The company has set up a network of subsidiaries, under the name Accord Healthcare, for marketing and selling in the highly regulated markets of EU, U.S., Canada, South Africa, Australia, Asia Pacific as well as CIS & MENA regions. Intas is present in 85+ countries worldwide, with more than 69% of its revenue coming from global business, particularly the highly regulated markets of EU and U.S.
Currently ranked 8th (as per IQVIA TSA MAT September 2020) in the Indian pharmaceutical market, it is also the largest privately owned Indian generic pharmaceutical company. While Intas has established leadership in key therapeutic segments like CNS, Cardiovascular, Diabetology, Gastroenterology, Urology and Oncology in India, the company is known for its range of products in Oncology and other hospital-based therapeutic segments in the EU and U.S.
Intas' success and growth is a direct influence of Intas' extensive R&D and manufacturing capabilities. Intas operates sixteen formulation manufacturing facilities, of which eleven are located in India, and the rest in the U.K. and Mexico. Between them, the facilities are accredited by top global regulators such as USFDA, EMA, MHRA, TGA, and others. Every year, the company invests ~6-7% of its revenues in R&D. Currently; Intas has over 10,000 product registrations worldwide and a strategic pipeline of 300+ high-value FTF/FTM, Biosimilars and NDDS products.
For more information, visit https://www.intaspharma.com/
Source: Alteogen Inc.