AstraZeneca and Alteogen
Type: Licensing agreement
In-Licensee: AstraZeneca
Out-Licensor: Alteogen Inc.
Focus: ALT-B4
Upfront Payment: $25 million
Milestone Payment: $580 million
Deal value: $1.35 billion
Financial impact: Alteogen’s 40 billion won licensing deal and hyaluronidase technology strengthen its role in subcutaneous drug delivery, supporting AstraZeneca’s push to expand oncology access and market reach.
AstraZeneca has signed an exclusive licensing agreement with Alteogen Inc. for ALT-B4, a novel hyaluronidase utilising Hybrozyme™ platform technology. This agreement grants AstraZeneca global rights to use ALT-B4 to develop and commercialise subcutaneous formulations of several oncology assets. As part of the deal, Alteogen will manage the clinical and commercial supply of ALT-B4.
The partnership includes two agreements totaling $1.35 billion. One agreement involves a $25 million upfront payment and up to $725 million in milestone payments, while the other includes a $20 million upfront payment and up to $580 million in milestones. Alteogen is also eligible for royalties on future product sales.
According to AstraZeneca, the collaboration will support the development of SC alternatives to its cancer drugs, potentially reducing treatment administration times and improving convenience for both patients and healthcare providers. This licensing agreement reflects AstraZeneca’s broader commitment to enhancing patient experience and advancing cancer care through innovative delivery methods.
ALT-B4
ALT-B4 is a human recombinant hyaluronidase enzyme developed by South Korean biotech company Alteogen using its proprietary Hybrozyme platform technology. This enzyme facilitates the subcutaneous delivery of drugs—an alternative to traditional intravenous administration—by temporarily breaking down hyaluronan in the extracellular matrix, thereby enhancing tissue permeability.
Five years’ market revenue of AstraZeneca’s oncology drugs
AstraZeneca has demonstrated a steady and impressive increase in revenue from its oncology drug portfolio over the past several years. This growth reflects the company's strategic focus on innovative cancer therapies and successful commercialization of key treatments such as Tagrisso, Imfinzi, and Enhertu. As oncology continues to be a cornerstone of AstraZeneca’s pipeline, its market share and revenue from this therapeutic area have consistently strengthened. Looking ahead, revenue is expected to receive an additional boost following AstraZeneca’s recent partnership with Alteogen. This collaboration is poised to enhance the company’s biologics development capabilities, particularly in the area of subcutaneous drug delivery using Alteogen’s proprietary Hybrozyme™ technology.
Five years market revenue of AstraZeneca's oncology drugs (2020-2024)
Fig 6: Market revenue of AstraZeneca's Oncology drugs
The alliance is anticipated to accelerate the development and accessibility of AstraZeneca’s oncology treatments, potentially improving patient convenience and adherence—factors that could drive further market uptake and financial performance. With continued investment in oncology innovation and strategic alliances like that with Alteogen, AstraZeneca is well-positioned for sustained revenue growth in the coming years.
Five years market revenue of Alteogen (2020-2024)
Fig 7: Market revenue of Alteogen
Five years' market revenue of Alteogen
Alteogen has demonstrated consistent growth in market revenue over the past five years, reflecting the company’s strong position in the biopharmaceutical sector. This upward trend is expected to continue, driven in part by its licensing agreement with AstraZeneca for ALT-B4, a novel hyaluronidase enzyme developed using Alteogen’s Hybrozyme™ platform. The collaboration, which focuses on developing subcutaneous formulations for oncology treatments, positions Alteogen for significant future revenue gains through upfront payments, milestone achievements, and potential royalties.
Market Impact of This Partnership
In addition to the licensing deal, Alteogen signed a service agreement to assist the unnamed partner in validating the ALT-B4 production process. This service contract is valued at 40 billion won, with the first installment of 6 billion won invoiced on March 10. Based on the contract structure, Alteogen anticipates receiving up to 30 billion won, assuming regular quarterly payments. Aside from its main competitor, Halozyme, Alteogen remains the only other company globally capable of converting IV therapeutics into SC formulations using proprietary hyaluronidase technology. This positions Alteogen as a key player in the growing field of subcutaneous drug delivery.
“Alteogen anticipates receiving up to 30 billion won, assuming regular quarterly payments”