Alteogen Secures $150 Million to Expand Biopharmaceutical Operations

Alteogen Inc. has secured 200 billion won ($150 million) in funding from the National Growth Fund and SkyLake Equity Partners. The investment will support the construction of a new biopharmaceutical manufacturing facility in Daejeon and the acquisition of new drug pipelines and technologies.

The company will issue preferred shares to SkyAlt, a joint investment vehicle. The five-year securities include 100 billion won in convertible preferred shares and another 100 billion won in redeemable convertible preferred shares, priced at a 10.3 percent premium to the reference price.

Alteogen aims to expand its manufacturing capacity while diversifying its business beyond its ALT-B4 enzyme platform. The company has already signed licensing agreements with global pharmaceutical giants like Merck & Co., AstraZeneca, Sanofi, and Novartis.

Merck’s subcutaneous formulation of Keytruda, which uses ALT-B4, has received regulatory approval in several countries, including the U.S., EU, Canada, South Korea, and Japan. Alteogen plans to reinvest milestone and royalty income from commercialized products into future growth initiatives.

“We will use the National Growth Fund’s investment to quickly secure promising products and technologies and expand the foundation for our future businesses,” said Alteogen CEO Chun Tae-yon.