[JPM 2026] Alteogen nears another massive deal: CEO

SAN FRANCISCO – Alteogen, the most valuable biotech firm listed on Korea’s tech-heavy Kosdaq, is nearing another major licensing deal potentially worth billions of dollars, its newly appointed CEO said.

“ALT-B4 is growing very fast, and we are currently in talks with about 10 companies,” Alteogen CEO Jeon Tae-yeon said during a presentation at the JPMorgan Healthcare Conference in San Francisco on Thursday. “As of now, another deal is very imminent.”

Jeon, who took office about two weeks ago, told reporters after the presentation that the deal could be announced as early as next week, though cautioning that timing remains uncertain.

ALT-B4 is Alteogen’s proprietary human recombinant hyaluronidase enzyme, designed to enable large-volume subcutaneous delivery of drugs that are traditionally administered via intravenous infusion.

To date, Alteogen has signed agreements to license out ALT-B4 with six global pharmaceutical companies, including a deal with AstraZeneca worth up to $1.35 billion and another with MSD valued at up to $432 million. Those agreements have propelled the company’s market capitalization to nearly 28 trillion won ($18.3 billion), making it the largest firm on the Kosdaq.

“The size of the deal could be similar to what we’ve done before,” Jeon said. “But negotiations can always change at the last minute. We’ve had cases where a deal was delayed by three months from the partner’s original timeline.”

Jeon said Alteogen is now entering a pivotal phase as its technological breakthroughs begin translating into financial performance. He pledged to transform the company into a global biotech capable of internalizing not only research and development, but also manufacturing and commercialization.

“Over the next five to six years, we aim to commercialize six or more products,” he said. “With these milestones and additional license deals ahead, we believe the company has significant room to grow in that time frame.”

Alteogen shares jumped on reports of the impending deal. The stock was trading at 525,000 won as of 2 p.m. Friday in Seoul, up 11.6 percent from the previous session.