Source Fact: Financial Supervisory Service DART / 2025-10-01
Disclosure Type: Material Matter on Investment Judgment
💡 3-Second Summary
Alteogen is scheduled to receive a milestone payment of USD 25 million (approx. KRW 35.05 billion) within 30 days from the invoice date, following the U.S. FDA approval of Pembrolizumab SC, which triggers the milestone under its technology licensing agreement with MSD for ALT-B4.
📊 1. [Key Disclosure Content & Major Figures Summary]
- Contracting Party: MSD International Business GmbH
- Milestone Amount: USD 25,000,000 (KRW 35,055,000,000)
- Applied Exchange Rate: KRW 1,402.2 / USD (Based on the Seoul Money Brokerage standard rate as of September 30, 2025)
- Milestone Condition Achieved: U.S. FDA approval of Pembrolizumab SC formulation
- Invoice Date: 2025-09-30 (Date of fact confirmation)
- Payment Timeline: Expected to be received within 30 days from the company’s invoice date pursuant to the contract
- Disclosure Threshold: The milestone amount is equivalent to 10% or more of the previous year’s consolidated annual revenue (KRW 102.85 billion)
- Return Obligation: While the license agreement may be terminated if future clinical trials, approvals, or commercialization are not realized, the company has no obligation to return the down payment or milestone payments received upon termination
📈 2. [Expert View: What This Disclosure Means for Investors]
This disclosure details the fulfillment of the milestone condition for the ‘ALT-B4’ original technology licensed to MSD (originally signed on June 24, 2020, and amended on February 22, 2024). With the fulfillment of the milestone condition—specifically the U.S. FDA approval of the Pembrolizumab SC formulation—the payment of USD 25 million (approx. KRW 35.05 billion) has been triggered, and the company disclosed that it is scheduled to receive the technical fee within 30 days from the invoice date.
This amount is equivalent to over 10% of the previous year’s consolidated revenue (KRW 102.85 billion). According to the disclosure text, the license agreement may be terminated if future clinical trials, regulatory approvals, or commercialization are not realized; however, the company has no obligation to return the down payment or milestone payments received upon termination. Investors should evaluate this disclosure based strictly on the confirmed terms regarding the lack of refund obligations and the stated risks of potential future termination as written in the text.
📝 Editor’s Comment (by K-STOCK Editor)
The milestone payment to be received by Alteogen from MSD amounts to USD 25 million (approx. KRW 35.05 billion), with the invoice issued on September 30, 2025. The milestone achievement was triggered by the U.S. FDA approval of the Pembrolizumab SC formulation, and the payment is scheduled to be received within 30 days. Although there is a risk of potential contract termination if subsequent commercialization is not realized, there is no obligation to return the milestone funds, meaning tracking should remain focused on these disclosed terms and timelines.
📢 Disclaimer & Source Information
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