Barcelona, Spain -- A Korean company received high interest from overseas buyers at the world's largest pharmaceutical and biotechnology fair, CPHI Worldwide 2023, held in Barcelona, Spain, from Tuesday to Thursday.

Alteogen, which has recombinant hyaluronidase (ALT-B4) technology, is the company. It has a platform technology that can convert intravenous (IV) drugs to subcutaneous (SC) drugs. It has signed many technology transfer (L/O) agreements with global pharmaceutical companies.

In addition to the recent technology transfer discussions, Alteogen has received significant attention as a possible target for corporate M&A.

In the first half of this year, for instance, the company held sale negotiations with the Orion Group. More recently, some industry analysts spread the rumor that it could be sold to MSD, one of Alteogen’s technology transfer partners, and received great attention from the stock market.

During the CPHI Barcelona, Altheogen ran a booth in the Korea Pavilion, operated by the Korea Trade-Investment Promotion Agency (KOTRA) and the Korea Association of Pharmaceutical Importers and Exporters, meeting with foreign buyers.

Altheogen Managing Director Jeon Tae-yeon, in charge of business strategy, attended CPHI in the second half of this year, following BioUSA in June.

"At BioUSA, there were many big pharma companies, so we discussed the out-licensing of ALT-B4,” Jeon said. “At CPHI, however, there are more biosimilar companies than big pharma companies. So, we wanted to focus on that and have more out-licensing opportunities for our subsidiary Altos Biologics' Aylia biosimilar, ALT-L9."

ALT-BB4 (Tergase), a finished hyaluronidase product, was also highlighted by Altheogen at the event. According to the company, Tergase is a genetically recombinant product that maintains the unique properties of hyaluronidase in the human body while significantly increasing its physical stability.

"In a way, ALT-BB4 can be seen as a kind of raw material drug," Jeon said. “In some cases, we have proposed a meeting. In many other cases, however, foreign businesses showed interest in ALT-BB4 and requested a meeting first, so we expect good future opportunities."

Apart from attending CPHI Barcelona, Alteogen also held meetings with existing partners in Spain and Europe to discuss technology development collaboration and strengthening partnerships.

"We are looking to expand our business beyond ALT technology. We have been working with companies that develop poly-antibody therapies, but we are considering expanding into medical devices such as auto-injectors,” he said. "We have always felt the need to develop a product that can easily inject drugs at home, and we will soon start a full-scale experiment with a partner.”

Jeon, a U.S. patent attorney, also mentioned the practical challenges of technology transfer.

"If you look at the contracts of the big pharma companies, they are like a maze. That's why you have to look at it with extraordinary attention. Besides me, the company has another in-house lawyer, a general counsel in the U.S., and a Korean law firm that advises us on contracts. They all review and discuss the contracts once a year," Jeon said.

Jeon saved words about the speculation of the company’s sell-off.

"We have so many license-out agreements now, and it's up to each of the executives to decide which direction will increase the company's value," he said, "We're partnering with many biosimilar companies. Additional issues will arise if we become part of an original drugmaker."