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- A portion of the 200 billion won investment will be allocated to constructing new biopharmaceutical production facilities, with the remainder earmarked for acquiring next-generation product and platform technologies.
- The company plans to proactively secure new growth engines, moving beyond its current business structure centered on ALT-B4.
- The participation of the National Growth Fund and Skylake Equity Partners underscores strong institutional interest in the company’s long-term growth potential.
Alteogen (196170.KS) has secured a 200 billion won investment from the National Growth Fund and Skylake Equity Partners, marking a strategic push to secure future growth engines beyond its core ALT-B4 technology. The company will utilize part of the funding to build new biopharmaceutical manufacturing facilities, while the remainder will be deployed to acquire new product and platform technologies. This move is part of a broader strategy to expand beyond its current business reliance on ALT-B4.
On the 6th, Alteogen announced its commitment to preemptively laying the foundation for future growth based on its current business achievements.
The National Growth Fund is a policy-driven fund designed to provide long-term capital to high-tech strategic and future-growth industries, with plans to deploy a total of 30 trillion won by 2026. Indirect investment portions of this fund are managed by private equity firms through sub-funds.
Alteogen will issue a total of 200 billion won in convertible shares to "SkyAlt," an entity established jointly by the National Growth Fund and Skylake. The issuance consists of 100 billion won in convertible preferred shares (CPS) and 100 billion won in redeemable convertible preferred shares (RCPS), with the latter priced at a 10.3% premium over the reference value.
Expanding Beyond the Commercial Success of ALT-B4
Alteogen has established licensing agreements with 10 global pharmaceutical companies—including MSD, AstraZeneca, Sanofi, Novartis, GSK, Biogen, Daiichi Sankyo, and Sandoz—for ALT-B4 (generic name: berahyaluronidase alfa), the key component of its proprietary subcutaneous formulation platform, Hybrozyme®.
In particular, the subcutaneous version of MSD's Keytruda, which utilizes ALT-B4, has gained approval in the U.S., Europe, Canada, South Korea, and Japan, establishing itself as a blockbuster product within just one year of launch. The company expects sustained revenue from sales milestones and royalties as commercial adoption continues to grow. Building on this momentum, Alteogen aims to secure new growth drivers earlier than planned.
The fresh capital will also be used to bring in external pipelines, including new products and platform technologies. The objective is to build a portfolio that strengthens the company's long-term corporate value while maintaining the growth trajectory of the ALT-B4 business.
“While we anticipate a steady influx of milestones and royalties from our ALT-B4 business, we believe it is crucial to secure new growth engines for the company’s future rather than relying solely on one platform,” said Alteogen CEO Jeon Tae-yeon. “By leveraging this investment from the National Growth Fund, we will rapidly acquire high-potential products and technologies to broaden the horizon of our future business.”
Investing in New Biopharmaceutical Manufacturing Capacity
A portion of the funds will be directed toward the construction of a new production facility in Daejeon. The company is developing this infrastructure to secure the production capacity required for future business expansion and to better support the scaling of its products.
By simultaneously expanding manufacturing capacity and acquiring new technologies, Alteogen plans to build a foundation for long-term growth that spans from early-stage R&D to full-scale commercialization.
Strong Backing from Long-term Institutional Investors
Alteogen noted that the participation of Skylake Equity Partners, a major domestic institutional investor, carries significant weight regarding the company’s mid-to-long-term growth strategy.
Skylake, a private equity firm with approximately 3.5 trillion won in assets under management, has a proven track record of investing in high-tech and high-growth sectors. Having been selected as a general partner (GP) for the National Growth Fund's large-cap league in 2026, the firm secured approximately 200 billion won in policy capital.
“The fact that a major domestic institution like Skylake has invested based on a long-term view of our competitiveness and potential, rather than short-term gains, is highly meaningful,” CEO Jeon said. “We will use this investment to translate current achievements into future momentum and create a sustainable growth foundation.”
“Our goal is to secure our next ‘growth engine’ early by actively acquiring new products and technologies while the global commercialization of ALT-B4 continues to accelerate, thereby consistently enhancing our corporate value,” he added.
Min Hyuk-ki, CEO of Skylake, stated, “Alteogen is leading the domestic biotech industry based on its differentiated technical prowess in R&D. We particularly value the competitive business model they have built, which allows for continued expansion in the global market driven by ALT-B4.” He added, “Alteogen is the first portfolio company of this newly formed fund, and we look forward to seeing the company leap forward into a global biotech leader by successfully securing these new growth drivers.”
