Alteogen maps switch to Korea’s Kospi exchange with Keytruda royalties ahead

Alteogen has finally put its cards on the table, confirming to investors it will shift from Kosdaq, Korea’s secondary tech-focused exchange, to Kospi, the country’s main board, once its internal systems are in place and royalties from MSD’s Keytruda in a new subcutaneous (SC) formulation of pembrolizumab start flowing.

The move, formally disclosed in an Aug. 26 shareholder note, could reshape the $17 billion biotech’s valuation and investor base, but the company is urging patience even as its second-largest shareholder and minority investors push for action this year.

According to a translation of the note, CEO Park Soon-jae called the transfer “a significant milestone” for Alteogen, now Kosdaq’s market-cap leader at more than 23 trillion won ($17.2 billion), but stressed that “reinforcement and reorganization” are still needed before the jump. 

Company spokespeople underscored the slow-and-steady approach, saying, “We’ve seen plenty of firms push too fast and face negative consequences.”

That caution hasn’t sat well with shareholders. Hyung In-woo, CEO of Smart & Growth, a Korean investment firm with holdings across biotech and healthcare startups, and owner of a 5 percent stake, said on Aug. 29 in a blog post that he met with Alteogen’s management the day before “to once again discuss the market consensus and the need for faster progress."

According to Hyung, the company agreed to cooperate on a quicker path that could see a board resolution in September, an extraordinary shareholders’ meeting in October or November, and a listing review application as early as this year.

For Alteogen, the clock is tied to product revenue. Management has flagged 2026 as the year royalties from Keytruda SC -- backed by its ALT-B4 technology -- kick in at scale, a turning point it wants to use as the launchpad for a transfer and for ramping pipeline output and in-house manufacturing.

The debate reflects a wider biotech migration out of Kosdaq, once billed as a growth market for venture firms. 

HLB, another high-profile drug developer and former Kosdaq market-cap leader, won shareholder backing for a Kospi move in late 2023, but says the transfer depends on U.S. FDA clearance of CAM-RIVO, a rivoceranib-camrelizumab combo for liver cancer that was rejected for a second time in March over manufacturing issues at its Chinese partner Jiangsu Hengrui.