Novartis AG signed a strategic partnership and license agreement with South Korean biotech Alteogen Inc. The collaboration utilizes Hybrozyme technology to develop subcutaneous versions of Novartis drugs.
Novartis holds the option to gain exclusive rights to Alteogen’s ALT-B4 technology. This platform converts intravenous medications into more convenient injectable forms.
The total deal value could reach $3.22 billion if Novartis exercises all options and meets development milestones. The contract includes option fees, milestone payments, and royalties on future sales.
Novartis shares strengthened following the announcement. The market also responded to other positive developments in the company's product pipeline.