[Edaily Reporter Kim Hyung-il ] Shinhan Investment Securities forecast that Alteogen Inc.(196170), a leading KOSDAQ stock, is likely to secure multiple additional technology transfer agreements with global pharmaceutical companies in the second half of the year, following the signing of three such agreements earlier this year.

On the 6th, Eom Min-yong, a research analyst at Shinhan Investment Securities, stated, “Alteogen Inc. is the first KOSDAQ biotech company to sign three technology transfer agreements with global pharmaceutical companies in a single year,” adding, “Including the combined agreements with GSK Holdings and Biogen announced on the 5th, this year’s contract value totals 1.8 trillion won, and the cumulative value of disclosed contracts has reached 11 trillion won.”

He went on to explain, “The undisclosed compound is a blockbuster with annual sales of approximately 7 to 8 trillion won and holds the top global market share in its competitive segment,” noting, “It offers the advantage of rapid development and launch without clinical risks.”

Research Fellow Eom also assessed that the adoption rate of Keytruda SC, a subcutaneous (SC) formulation, is faster than expected. He said, “Within three months of its registration under the U.S. insurance billing code (J-code) in April, the adoption rate rose to 9%, and second-quarter sales reached $463 million (approximately 658.8 billion won),” adding, “The adoption rate is expected to exceed 15% in December, which is more than twice as fast as the global consensus.”

He continued, “Cumulative sales of Keytruda SC this year are estimated to reach 3 to 4 trillion won, and Alteogen Inc. is expected to receive 200 billion won in sales milestones (performance-based payments tied to sales performance) by the end of the year.”

Research Fellow Eom noted, “We are aiming to sign new technology transfer agreements, including a major contract in the second half of the year with the National Growth Fund,” and “Daiichi Sankyo’s Enhertu SC (ADC) and AstraZeneca’s (AZ) Imfinzi SC and Relbegostomig SC (bispecific antibodies) are currently in Phase 1 clinical trials, while Sanofi’s high-dose Dupixent SC has completed Phase 1 and is scheduled to begin Phase 3 trials in the second half of the year,” he said.

He added, “With GSK Holdings, Biogen, and Sandoz also set to begin Phase 1 clinical trials in the second half of the year, we expect a steady stream of technology transfer agreements, clinical achievements, and sales milestones to follow.”