Alteogen Surges to Top of Kosdaq in Seven Months

Alteogen, a South Korean biotech firm, has seen its shares quadruple since late February, leading to a market capitalization of 18.6 trillion won (approximately $14 billion). This surge has significantly increased the net worth of CEO Park Soon-jae, who is now valued at $2.7 billion, up from $1.2 billion seven months prior. The company's rise is attributed to a licensing agreement with Merck for its ALT-B4 technology, which is linked to the cancer immunotherapy pembrolizumab, known as Keytruda. The licensing deal with Merck, announced in February, marked a pivotal moment for Alteogen, as it allowed the company to capitalize on the growing demand for biosimilars and subcutaneous drug formulations. Analysts have noted that U.S. government policies aimed at reducing drug prices are pushing pharmaceutical companies to explore alternative drug delivery methods, which benefits firms like Alteogen. In July, Alteogen expanded its partnership with Sandoz, a division of Novartis, revising their original contract to potentially include more substances for development. This revision could lead to milestone payments ranging from 800 billion won to 1 trillion won, in addition to royalties, further solidifying Alteogen's financial prospects. Founded in 2008 by Park and his wife, who holds a Ph.D. in biochemistry, Alteogen has grown significantly since its listing on the Kosdaq in 2014. Despite the volatility in South Korea's biotech sector, which has seen many billionaires rise and fall, Alteogen's recent achievements position it as a notable success story in the industry.