Novartis has signed an option and licence agreement with South Korean biotech Alteogen covering ALT-B4 (berahyaluronidase alfa), a recombinant human hyaluronidase built on the Hybrozyme platform that temporarily depolymerises subcutaneous hyaluronic acid to enable large-volume, rapid subcutaneous delivery of biologics normally given by intravenous infusion. Novartis gains options over multiple undisclosed products to develop and commercialise subcutaneous versions exclusively, with Alteogen eligible for up to USD 3.2 billion across option exercise, development, and commercial milestones, plus tiered royalties on net sales if all options are exercised.

The transaction follows MSD's 2025 US approval of Keytruda Qlex (pembrolizumab + berahyaluronidase alfa), the first subcutaneous PD-1 inhibitor, which validated ALT-B4 at commercial scale and triggered a 2026 licensing run for Alteogen with GSK Tesaro (USD 285 million), Biogen (USD 579 million), an undisclosed major (USD 365 million), and now Novartis.