Alteogen Hits $25M Milestone in Keytruda SC Sales with MSD
Alteogen has achieved its first milestone payment of $25.1 million from Merck's (MSD) for sales of Keytruda SC, a subcutaneous formulation of the immuno-oncology drug. This payment marks a significant transition for Alteogen from development-stage technology fees to a revenue structure based on actual product sales.
The milestone payment is part of a $1 billion licensing agreement between Alteogen and MSD. Keytruda SC's revenue growth has been steep, with quarterly revenues jumping from $40 million in the fourth quarter last year to $463 million in the second quarter this year. Cumulative first-half revenue reached $590 million.
The company attributes the sales expansion to the activation of a permanent J-code for Keytruda SC in April, which simplified the insurance claims process. Alteogen's Hybrozyme technology is used to convert Keytruda's intravenous formulation into a subcutaneous injection. The platform has partnerships with nine global pharmaceutical companies, including MSD.