Alteogen, Inc.

iStock, beast01 South Korea has attracted increasing investment from the pharmaceutical industry, which is drawn to the Asian country due to its experience in antibody-drug conjugates and cell and gene therapies, according to McKinsey. Roche is pouring a total of 710 billion won—or approximately $480 million—into South Korea to boost the country’s R&D capabilities and create an “ecosystem” of global clinical trials. The investment, reported Wednesday by Asia Business Daily , will be spread out over the next five years and help South Korea attract clinical trials across several key areas, with a particular focus on prevalent and difficult-to-treat diseases. Roche’s money will also go toward training specialized R&D personnel in Korea, as well as supporting domestic biotech startups, helping them eventually enter the global arena. A spokesperson for Roche confirmed the investment to Fierce Biotech , noting that the partnership with the Korean government will “strengthen the core competitiveness of Korea’s bio-healthcare industry.” For Roche, the move comes amid a broader push from the biopharma industry to take its clinical trials abroad . South Korea, in particular, is one of the most attractive offshore destinations for multinational pharma players, which are drawn by the country’s experience with antibody-drug conjugates, as well as cell and gene therapies, according to a January report from consulting firm McKinsey. Indeed, billions of Big Pharma dollars have recently flowed into the country through partnerships. Most recent of these is GSK’s alliance with Alteogen to develop a subcutaneous formulation of the cancer drug Jemperli for $20 million upfront and up to $265 million in milestones. Lilly also bet more than $2.6 billion in November 2025 to link up with ABL Bio and gain access to its bispecific antibody platform. China has emerged as the top destination for biopharma bucks of late, with McKinsey estimating that between 2019 and 2024, the Asian giant has raised $26 billion in private equity and venture capital funding—to say nothing of the licensing deals that many companies have inked in the country. China Pharma Spent More Than $48B in China in H1, Eclipsing Total 2024 Haul If the trend holds, IQVIA expects 2025 deal volume between Chinese and multinational companies to easily eclipse the 100 agreements signed in 2024. August 27, 2025 · 2 min read · Annalee Armstrong Read more Amid the increasing globalization of trials, however, the FDA has sought to contain this drain. In December 2025, Commissioner Marty Makary floated the idea of slapping higher user fees on companies that run their Phase 1 studies abroad.

iStock, Yutthana Gaetgeaw Ahead of GSK are Bristol Myers Squibb and Merck, which have already won FDA approvals for subcutaneous formulations of their respective PD-1 blockers Opdivo and Keytruda. GSK has fronted $20 million to partner with South Korea’s Alteogen in a bid to develop a subcutaneous version of its cancer drug Jemperli, pursuing a similar strategy as other PD-1 leaders like Merck and Bristol Myers Squibb. Aside from its upfront commitment, GSK, through its Tesaro subsidiary, is on the hook for up to $265 million in development, regulatory and sales milestones, according to a Tuesday release . Alteogen, meanwhile, brings to the table ALT-B4, a recombinant hyaluronidase enzyme that uses the biotech’s proprietary Hybrozyme technology to enable subcutaneous delivery of therapies originally formulated for intravenous dosing. Alteogen applies its Hybrozyme technology to the hyaluronidase PH20, resulting in what the biotech claims is “a new human hyaluronidase” with better stability and stronger enzymatic activity. This new enzyme can then more effectively digest hyaluronic acid under the skin, enabling the subcutaneous delivery of certain therapies. GSK will apply this platform to its PD-1 blocker Jemperli , indicated for endometrial cancer and certain solid tumors. In the first nine months of 2025, Jemperli emerged as the pharma’s top-selling cancer product, with £600 million ($806 million) in earnings worldwide. Under the terms of Tuesday’s agreement, Alteogen will also be entitled to certain sales-based royalties on subcutaneous Jemperli. GSK’s agreement with Alteogen puts it in the same league as Merck and Bristol Myers Squibb, which in recent years have been pushing to reformulate their intravenous PD-1 blockers into a more patient-friendly under-the-skin injection. In September last year, Merck scored a key victory with the FDA’s approval of subcutaneous Keytruda, branded Keytruda Qlex, for 38 different malignancies. The new formulation will help Merck weather the sales decline that will come with Keytruda’s loss of exclusivity in 2028 . Keytruda Qlex also uses Alteogen’s Hybrozyme technology. BMS has likewise secured FDA approval for an under-the-skin formulation of its checkpoint inhibitor Opdivo. The nod, which came in December 2024, applied to all of Opdivo’s indications for renal cell carcinoma, melanoma, non-small cell lung cancer, urothelial carcinoma and many other cancers. Subcutaneous Opdivo was developed using key technologies from Halozyme and is marketed under the brand name Opdivo Qvantig.

To sweeten the deal, GSK and Tesaro are offering up to $265 million more tied to certain development, regulatory and sales milestones. With star checkpoint inhibitors like Keytruda and Opdivo now sporting subcutaneous formulations, GSK has struck a deal aimed at ensuring its own PD-1 stalwart doesn’t miss out on the action.GSK, through its oncology subsidiary Tesaro, is handing over $20 million upfront to Alteogen for global rights to the Korean biotech’s novel hyaluronidase enzyme ALT-B4. Tesaro plans to use the tech to develop and potentially market a subcutaneous form of Jemperli (dostarlimab).To sweeten the deal, GSK and Tesaro are offering up to $265 million more tied to certain development, regulatory and sales milestones, Alteogen said in a Jan. 20 press release. Alteogen will also be in line to earn royalties on sales of subcutaneous Jemperli, should it win approval and go to market.The South Korean drugmaker will provide both clinical and commercial supply of its hyaluronidase ALT-B4 to Tesaro, Alteogen added.Alteogen developed ALT-B4 using its bespoke Hybrozyme technology, which the company notes has been designed to boost the flexibility and stability of protein structures while preserving the enzyme's original mechanism of action.By wedding this technology to a type of human hyaluronidase known as PH20, Alteogen says it has developed a new human hyaluronidase that can break down hyaluronic acid in subcutaneous tissue, enabling a shift from intravenous to subcutaneous drug administration."We are excited to expand our Hybrozyme technology by collaborating with Tesaro in the oncology field and look forward to developing and bringing this potential subcutaneous medicine to market," Alteogen’s CEO, Tae-Yon Chun, Ph.D., said in a statement. First approved in 2021 to treat patients with advanced or recurrent mismatch repair-deficient endometrial cancer, Jemperli has significantly expanded in its inaugural indication and also picked up a nod to treat mismatch repair-deficient solid tumors.The drug generated around $598 million in full-year 2024 sales and had lassoed 600 million pounds sterling (then worth around $792 million) as of the first nine months of last year, putting Jemperli squarely in the running to break through the blockbuster sales threshold in 2025. GSK is due to report its 2025 fourth-quarter results on Feb. 4. Jemperli was a latecomer to the PD-1 party, and it follows in the footsteps of Keytruda and other checkpoint inhibitor giants once more as GSK and Tesaro embark on their subQ development journey.In September, Merck & Co. secured an FDA green light for its own under-the-skin version of megablockbuster Keytruda, which will be sold in the subcutaneous format under the brand name Keytruda Qlex. The FDA approval covers all the solid tumor indications included under the intravenous Keytruda label.Prior to that nod, the FDA also approved subcutaneous versions of immunotherapy juggernauts Tecentriq, from Roche, and Bristol Myers Squibb’s Opdivo.Meanwhile, AstraZeneca last year struck a similar deal with Alteogen to use the biotech’s ALT-B4 hyaluronidase to develop subcutaneous versions of “several oncology assets.” While AZ did not disclose financial details or provide further information on the assets it hopes to develop through the deal, an Alteogen filing on the Korea Exchange revealed that it had struck two separate agreements with AZ, potentially totaling $1.35 billion.