Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>On 27 March, Alteogen announced that Jeong Hye-shin, former Alteogen Chief Strategy Officer (CSO), sold 1.6 million shares of Alteogen stock in after-hours trading in block deal sale. </li>
<li>The block deal sale price was 197,770 won. Alteogen's share price declined by 10.9% today to 195,600 won. Block deal sale amount was about 316 billion won. </li>
<li>This block deal sale combined with the sharp recent, share price increase are likely to result in a near-term consolidation of its share price in the next several months.</li>
</ul>


On 27 March, Alteogen announced that Jeong Hye-shin, former Alteogen Chief Strategy Officer (CSO), sold 1.6 million shares of Alteogen stock in after-hours trading in block deal sale. 
The block deal sale price was 197,770 won. Alteogen's share price declined by 10.9% today to 195,600 won. Block deal sale amount was about 316 billion won. 
This block deal sale combined with the sharp recent, share price increase are likely to result in a near-term consolidation of its share price in the next several months.


Alteogen: Block Deal Sale of About 3% of Shares

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen Inc (196170 KS)</a> has modified the existing license agreement with Merck. Revised terms of the agreement grant Merck exclusive global right to ALT-B4 for a specific product group, pembrolizumab.</li>
<li>Under the terms of the revised agreement, Alteogen will receive an upfront payment of $20M from Merck. Alteogen will also receive additional milestone payment of up to $432M.</li>
<li>Approval of Alteogen’s first proprietary product, Tergase (expected in early 2024) will be the next major catalyst for the company.  </li>
</ul>



Alteogen Inc (196170 KS) has modified the existing license agreement with Merck. Revised terms of the agreement grant Merck exclusive global right to ALT-B4 for a specific product group, pembrolizumab.
Under the terms of the revised agreement, Alteogen will receive an upfront payment of $20M from Merck. Alteogen will also receive additional milestone payment of up to $432M.
Approval of Alteogen’s first proprietary product, Tergase (expected in early 2024) will be the next major catalyst for the company.  


Alteogen (196170 KS): Modified License Agreement For Major Platform Technology Is A Hard Catalyst

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of May 3rd which has an aggregated holding worth USD529.7bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,168mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Celltrion (068270 KS), Sk Hynix (000660 KS).</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of May 3rd which has an aggregated holding worth USD529.7bn.
We estimate that foreign flows to be inflows of USD1,168mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Celltrion (068270 KS), Sk Hynix (000660 KS).


KRX Foreign Holding Weekly (May 3rd): Celltrion, Sk Hynix

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen Inc (196170 KS)</a>'s first proprietary recombinant human hyaluronidase liquid product, Tergase (ALT-BB4) is currently under approval process in Korea and is expected to receive approval in early 2024.  </li>
<li>Tergase is a stand-alone hyaluronidase product that can be used for the treatment of various medical conditions, such as pain relief, edema treatment, and hyaluronic acid filler removal.</li>
<li>Compared to commercially available animal-derived hyaluronidase products in the market, Tergase is a highly purified product of high-quality with very few impurities and an excellent side effect profile.</li>
</ul>



Alteogen Inc (196170 KS)'s first proprietary recombinant human hyaluronidase liquid product, Tergase (ALT-BB4) is currently under approval process in Korea and is expected to receive approval in early 2024.  
Tergase is a stand-alone hyaluronidase product that can be used for the treatment of various medical conditions, such as pain relief, edema treatment, and hyaluronic acid filler removal.
Compared to commercially available animal-derived hyaluronidase products in the market, Tergase is a highly purified product of high-quality with very few impurities and an excellent side effect profile.


Alteogen (196170 KS): First Proprietary Product Approval in Korea To Improve Revenue Visibility

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen Inc (196170 KS)</a>'s partner has submitted marketing application for Herceptin biosimilar in China. Alteogen will be entitled for royalty after the product is approved and sold in China.  </li>
<li>In April 2023, Alteogen announced that the company will receive additional milestone of $3 million (~KRW4 billion) from its first ALT-B4 technology transfer partner.</li>
<li>Alteogen has completed patient recruitment for global phase 3 trial for Eylea biosimilar. Marketing application is expected to be filed in early 2024, with marketing expected to start from 1H25.</li>
</ul>



Alteogen Inc (196170 KS)'s partner has submitted marketing application for Herceptin biosimilar in China. Alteogen will be entitled for royalty after the product is approved and sold in China.  
In April 2023, Alteogen announced that the company will receive additional milestone of $3 million (~KRW4 billion) from its first ALT-B4 technology transfer partner.
Alteogen has completed patient recruitment for global phase 3 trial for Eylea biosimilar. Marketing application is expected to be filed in early 2024, with marketing expected to start from 1H25.


Alteogen (196170 KS): Milestone Payments and Pipeline Progress Strengthen Business Growth Prospect

South Korea

Alteogen Inc. is a pharmaceutical research company.  The Company researches and develops bio-medicines such as bio-better and bio-similar.

Alteogen Inc (196170 KS)

Alteogen: Block Deal Sale of About 3% of Shares

On 27 March, Alteogen announced that Jeong Hye-shin, former Alteogen Chief Strategy Officer (CSO), sold 1.6 million shares of Alteogen stock (3% of...

Douglas Kim

Alteogen (196170 KS): Modified License Agreement For Major Platform Technology Is A Hard Catalyst

Alteogen modifies license agreement with Merck, granting exclusive global rights for ALT-B4 for pembrolizumab for an upfront payment of $20M and...

Tina Banerjee

KRX Foreign Holding Weekly (May 3rd): Celltrion, Sk Hynix

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Celltrion (068270 KS), Sk Hynix (000660 KS).

Ke Yan, CFA, FRM

Alteogen (196170 KS): First Proprietary Product Approval in Korea To Improve Revenue Visibility

Alteogen’s first proprietary recombinant human hyaluronidase liquid product, Tergase (ALT-BB4) is undergoing approval process in Korea and is...

Tina Banerjee

Alteogen (196170 KS): Milestone Payments and Pipeline Progress Strengthen Business Growth Prospect

Alteogen is well-position to reap the benefit (milestone payment) of outlicensing of its technology and is expected to turn profitable on triple...

Tina Banerjee

Alteogen: Block Deal Sale of About 3% of Shares

On 27 March, Alteogen announced that Jeong Hye-shin, former Alteogen Chief Strategy Officer (CSO), sold 1.6 million shares of Alteogen stock (3% of...

Douglas Kim

Alteogen (196170 KS): Modified License Agreement For Major Platform Technology Is A Hard Catalyst

​Alteogen modifies license agreement with Merck, granting exclusive global rights for ALT-B4 for pembrolizumab for an upfront payment of $20M and...

Tina Banerjee

KRX Foreign Holding Weekly (May 3rd): Celltrion, Sk Hynix

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Celltrion (068270 KS), Sk Hynix (000660 KS).

Ke Yan, CFA, FRM

Alteogen (196170 KS): First Proprietary Product Approval in Korea To Improve Revenue Visibility

Alteogen’s first proprietary recombinant human hyaluronidase liquid product, Tergase (ALT-BB4) is undergoing approval process in Korea and is...

Tina Banerjee

Alteogen (196170 KS): Milestone Payments and Pipeline Progress Strengthen Business Growth Prospect

Alteogen is well-position to reap the benefit (milestone payment) of outlicensing of its technology and is expected to turn profitable on triple...

Tina Banerjee

Alteogen modifies license agreement with Merck, granting exclusive global rights for ALT-B4 for pembrolizumab for an upfront payment of $20M and...