Alteogen has entered into an exclusive licence agreement with Biogen for the development and commercialisation of subcutaneous (SC) formulations of biologics utilising ALT-B4 powered by Alteogen's Hybrozyme technology.

Under the terms of the agreement, Biogen will obtain exclusive rights to develop and commercialise SC formulations for two biologic products using Alteogen's ALT-B4 (berahyaluronidase alfa).

Alteogen will receive an upfront payment of USD 20 million and is eligible to receive an additional USD 10 million upon initiation of development of the second product. In addition, Alteogen is eligible to receive up to USD 549 million in development, regulatory and sales milestone payments for the two products combined. Following commercialisation, Alteogen will be entitled to receive royalties based on net sales.

Under the agreement, Biogen also holds an option to develop a third product.

"Biogen is a global biotechnology company leading innovation with strong research and development capabilities. We are very pleased to enter into this partnership and look forward to advancing innovative therapies together for patients," said Tae-Yon Chun, CEO, Alteogen.