Fact Summary
Alteogen's business model is licensing out its biopharmaceutical platform technology (Hybrozyme·ALT-B4), which converts intravenous (IV) formulations into subcutaneous (SC) formulations, to multiple global pharmaceutical companies; in 2025 it recorded consolidated revenue of KRW 215.9 billion (+109.9% YoY) and operating profit of KRW 106.9 billion (operating margin 49.5%). On 2026-07-16 the board of directors tentatively postponed pursuit of a KOSPI transfer listing and decided on a bonus issue of 0.3 new shares per common share (30%). The 2026-07-24 closing price was KRW 300,500 (-0.83% vs previous day), with a market capitalization of KRW 16.0869 trillion (based on 53,533,843 shares outstanding).
Change Context Note
Amid a string of favorable outcomes in patent-related proceedings during May–June 2026 — including the US Patent Trial and Appeal Board's invalidation ruling against a competitor's patent (2026-05-13) and the European Patent Office's Intention to Grant for the ALT-B4 substance patent (2026-06-09) — the share price surged 13.25% alongside a KOSDAQ sidecar (temporary suspension of program trading) activation on 2026-07-23. The 2026-07-24 closing price then showed a modest pullback of -0.83% versus the previous day, closing at KRW 300,500.
Business Overview and Technology Licensing Status
Alteogen is a KOSDAQ-listed biotech company founded in 2008. Centered on Hybrozyme (INN berahyaluronidase alfa, product code ALT-B4), a recombinant human hyaluronidase platform that converts large-volume intravenous (IV) biopharmaceuticals into subcutaneous (SC) formulations, the company also holds the long-acting platform NexP and the antibody-drug conjugate (ADC) platform NexMab (per company IR materials and media reports). Its co-CEOs are Park Soon-jae (Chairman, largest shareholder) and Jeon Tae-yeon, and its business model is licensing out this platform technology to global pharmaceutical companies.
Major License Agreements
| Partner | Date | Deal Size | Subject |
|---|---|---|---|
| MSD (Merck) | 2019-11 | Total USD 1.373 billion (non-exclusive) | ALT-B4 (Keytruda SC, etc.) |
| Tesaro (GSK subsidiary) | 2026-01 | Up to USD 285 million (upfront payment USD 20 million) | Zejula SC formulation |
| Biogen | 2026-03 | Up to USD 579 million (upfront payment USD 20 million) | SC formulations for two therapeutic products (exclusive) |
| Sanofi | 2026-06 (disclosed via media) | Not confirmed | Disclosed as ALT-B4's first licensing partner (Korea Economic Daily report) |
Cumulative licensing partners are reported to total six global pharmaceutical companies (including MSD, AstraZeneca, Sandoz, Daiichi Sankyo, and others), but a full list cross-checked against primary disclosures has not been confirmed. MSD's Keytruda SC, following FDA approval in 2025-09 and EU marketing authorization in 2025-11, obtained marketing approval from Korea's Ministry of Food and Drug Safety on 2026-05-19 (domestic launch planned for Q4) and New Zealand approval in 2026-05.
5-Year Financial Trend
| Category | 2023/12 | 2024/12 | 2025/12 |
|---|---|---|---|
| Revenue (KRW 100mn) | 965 | 1,029 | 2,159 |
| Operating profit (KRW 100mn) | -97 | 254 | 1,069 |
| Operating margin | -10.1% | 24.7% | 49.5% |
| Net income (KRW 100mn) | -34~-36 | 607 (fnguide)/622 (Hankyung) | 1,452 (fnguide)/1,417 (Hankyung) |
Detailed 2021–2022 balance sheet, ROE, ROA, and operating cash flow figures, and confirmed Q2 2026 (April–June) results, have not been confirmed. Some search results indicating a 71% QoQ plunge in Q2 2026 revenue were not adopted, as the magnitude is anomalous relative to the company's scale and could not be cross-verified against primary sources.
Valuation (Factual Multiples)
Source: WiseReport (comp.wisereport.co.kr), accessed 2026-07-26. A relative comparison against KOSDAQ/biotech sector average multiples was not performed, as sector average figures themselves are not available.
Competitive Landscape
Globally, the companies reported to have commercialized recombinant human hyaluronidase technology that converts intravenous (IV) formulations into subcutaneous (SC) formulations are Halozyme Therapeutics (Nasdaq: HALO) and Alteogen. Halozyme is the first mover, having licensed its ENHANZE platform to Roche, Takeda, Pfizer, and others; in 2025 it recorded total revenue of USD 1.4 billion (an all-time high) and ENHANZE royalty revenue of USD 868 million (+52% YoY) (PR Newswire, 2026-01, A).
In patent-related proceedings between the two companies, on 2026-05-13 the US Patent Trial and Appeal Board (PTAB) issued a final decision holding a Halozyme patent (post-grant proceeding filed by MSD) unpatentable, and on 2026-05-21, at the UK Patents Court, Halozyme voluntarily withdrew its patent just before final evidence submission. Alteogen received an Intention to Grant decision for the ALT-B4 substance patent from the European Patent Office on 2026-06-09, securing a European substance patent following its US patent (exclusivity through 2043).
On 2026-07-15, it was confirmed that Samsung Bioepis had filed two PCT international patent applications (WO2026/142299, WO2026/142300) for hyaluronidase manufacturing and purification methods; these were not new enzyme (substance) patents but manufacturing/purification process (CMC) patents, and the international searching authority found them lacking in novelty and inventive step. Samsung Bioepis stated it plans to use the technology for its own biosimilar development rather than for external licensing, and Alteogen's management stated that, since this is process technology rather than a substance patent, it has no impact on the ALT-B4 platform business (2026-07-15, Edaily, Korea Economic Daily).
Supply-Demand Trends
A direct login query to the KRX Information Data System (via pykrx) failed due to an unconfigured account, so it was substituted with web research (alphasquare.co.kr, accessed 2026-07-26). The closing price was cross-verified as matching the confirmed system value (KRW 300,500, 2026-07-24), but the investor-type trading and short-selling figures themselves are web-research estimates that could not be separately reconciled against the KRX ledger.
| Category | Individual | Institutional | Foreign |
|---|---|---|---|
| 1-month cumulative (06-25–07-24, 21 trading days) | +93,532 shares | +15,778 shares | -70,776 shares |
| 1-week cumulative (07-20–07-24, 5 trading days) | -230,725 shares | -2,077 shares | +240,373 shares |
The short interest ratio rose gradually from 1.93% on 2026-06-23 to 2.34% on 2026-07-22. Foreign ownership showed an upward trend, from 13.45% on 2026-02-06 → 14.24% on 2026-05-20 → 14.80% on 2026-07-26 (per separate news search compilation). Margin loan balance figures are not available.
Governance and Shareholder Status
The combined stake of Chairman Park Soon-jae (CEO, largest shareholder) and related parties has remained stable in recent quarters: 20.60% on 2024-12-31 → 20.40% on 2025-12-31 → 20.40% on 2026-03-31 (per DART business/quarterly reports). On 2025-05-20, subsidiaries Alteogen Healthcare and Altos Biologics merged into 'Alteogen Biologics' (62.89% owned by the parent). Recent dilution factors include the 2025-02-20 third-party allotment of 434,848 redeemable convertible preferred shares (RCPS) and periodic stock option exercises (2025-05-16, 2025-09-17, 2026-02-27); on 2026-07-16 the board decided on a bonus issue of 0.3 new shares per common share (30%) (funding source: paid-in capital in excess of par of KRW 8,095,410,000; record date 2026-08-06; new share listing scheduled for 2026-08-26). The auditor is Samil PricewaterhouseCoopers (18th fiscal year, FY2025 unqualified opinion; key audit matter: recognition and impairment of development costs).
Macro Environment
| Factor | Value (as of) | Relevance to Alteogen (factual description) |
|---|---|---|
| USD/KRW exchange rate | KRW 1,466.04 (2026-07-23) | Most royalty and milestone payments are received in USD, so KRW depreciation works to increase KRW-translated revenue and profit |
| Bank of Korea base rate | 2.75% (2026-07-16, +0.25%p) | Shift to a hike after a 14-month freeze, cited as a burden factor for KOSDAQ biotech sector valuation and liquidity |
| US Federal Reserve funds rate | 3.50–3.75% (held 2026-06-17) | Indirect impact on global biotech valuation discount rates |
| US pharmaceutical tariffs (Section 232) | Up to 100% on patented drugs (15% preferential rate for Korea), effective 2026-07-31 | A tariff based on the import price of finished drugs; whether it directly applies to royalty agreements themselves is unconfirmed |
| KOSPI/KOSDAQ | 6,690.62 / 748.22 (2026-07-24, -5.72%/-5.32% respectively) | As a top-market-cap KOSDAQ stock, exposed to supply-demand impact during sharp index declines |
Risk Factors
- Royalty rates for individual license agreements are not disclosed to the market due to confidentiality clauses; on 2026-01-21, a securities firm lowered its royalty rate estimate, triggering a single-day share price plunge of -22% (later reconfirmed to be in the 4–6% range based on Biogen's disclosure).
- Commercialization revenue is effectively concentrated in a single product, ALT-B4 (Keytruda SC), and a single partner, MSD (reported at approximately 83.2% as of Q1 2025; a more recent quarterly update is not available). Most of the remaining license agreements are still in the clinical development stage.
- While patent-related proceedings against competitor Halozyme yielded a string of rulings favorable to Alteogen in H1 2026, the dispute is not fully resolved, and the possibility remains that Halozyme could mount a renewed challenge via appeal or new patent filings.
- Most royalty revenue is received in USD, exposing KRW-translated revenue and profit to fluctuations in the KRW/USD exchange rate, and the company's foreign exchange hedging policy has not been confirmed.
- The board's 2026-07-16 decision to tentatively postpone the KOSPI transfer listing is not a withdrawal of the plan; whether to resume it will be decided after a future review of market conditions.
Recent Key Event Timeline
- 2026-01-20 · License agreement with GSK subsidiary Tesaro for Zejula SC formulation development (up to USD 285 million)
- 2026-01-21 · Share price plunges -22% in a single day on reports of a lowered royalty rate estimate
- 2026-03 · Exclusive license agreement with Biogen for SC formulation development of two products (up to USD 579 million)
- 2026-05-08 · Preliminary Q1 2026 results disclosed (revenue KRW 71.6 billion)
- 2026-05-13 · US Patent Trial and Appeal Board issues final decision holding a Halozyme patent unpatentable
- 2026-05-21 · Halozyme voluntarily withdraws patent at the UK Patents Court
- 2026-06-09 · European Patent Office issues Intention to Grant decision for ALT-B4 substance patent
- 2026-07-15 · Confirmed that Samsung Bioepis filed two PCT international applications related to hyaluronidase patents
- 2026-07-16 · Tentative postponement of KOSPI transfer listing and decision on 30% bonus share issue
- 2026-07-20 · Disclosure changing the scheduled bonus share listing date to August 26
- 2026-07-23 · Share price surges 13.25% alongside KOSDAQ sidecar activation (14th activation of 2026)
- 2026-07-24 · Closing price KRW 300,500 (-0.83% vs previous day), trading volume 599,103 shares
Theme Exposure
Fact Highlights
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Generated by FomoLog Agent · Data sources: Korea Exchange · NASDAQ · DART · SEC EDGAR