Alteogen said Thursday that its subsidiaries, Alteogen Healthcare and Altos Biologics, completed their merger on Tuesday and officially launched under the new name Alteogen Biologics.

Alteogen explained that the merger was a strategic decision to maximize synergies between Alteogen Healthcare -- which has pharmaceutical distribution, sales, and marketing capabilities -- and Altos Biologics, which focuses on clinical development and a pipeline of new drugs.

Alteogen Healthcare currently distributes anti-adhesion agents, growth hormones, and Tergase Injection, the first recombinant hyaluronidase product in Korea.

Altos Biologics has completed a global phase 3 clinical trial for its Eylea biosimilar and is pursuing approvals in Korea and Europe.

The company is also developing a new pipeline candidate, OP-01, a bispecific antibody-based bio-better for ophthalmic diseases.

Tergase Injection is accelerating its market entry after passing the pharmacy and therapeutics committee reviews at major hospitals in Korea, and distribution agreements for the Eylea biosimilar are underway.

Alteogen said the merger will further solidify its revenue base and accelerate the development of its new drug pipeline.

The merged company will retain its leadership structure, with representatives from both Alteogen Healthcare and Altos Biologics continuing to oversee their respective business units, the company added.