[Disclosure] Alteogen(196170) to Receive KRW 21.9B Milestone Payment from MSD for ‘Keytruda SC’ European Approval

Source Fact: Financial Supervisory Service Electronic Disclosure System (DART) / 2025-11-27

Disclosure Type: Major Management Matters Related to Investment Decisions (Receipt of Milestone Technical Fees Related to ALT-B4 License Agreement)

💡 3-Second Summary

Following the European marketing authorization for ‘Keytruda SC’ utilizing ‘ALT-B4’, Alteogen is scheduled to receive a milestone technical fee of USD 15.0M (approx. KRW 21.9B) under the licensing agreement.

📊 1. [Key Disclosure Content & Summary of Major Figures]

This disclosure relates to the scheduled receipt of milestone technical fees following the achievement of a specific developmental stage under the ‘ALT-B4’ licensing agreement with MSD International Business GmbH (MSD). Foreign currency figures are converted based on the Seoul Foreign Exchange Brokerage closing rate on November 27, 2025 (1,462.70 KRW/USD).

• Milestone Technical Fee: USD 15,000,000 (Approx. KRW 21.9B)
  • This amount exceeds 10% of Alteogen’s consolidated annual revenue from the previous year (approx. KRW 102.9B), qualifying it as a mandatory regulatory disclosure.
• Milestone Achievement Condition: Securing the European marketing authorization for ‘Keytruda SC’ (subcutaneous formulation of Keytruda) containing ALT-B4 (ingredient name: berahyaluronidase alfa).
• Payment Timeline: The company’s invoice was officially issued on November 27, 2025. The fee is scheduled to be received within 30 days from the invoice issuance date in accordance with the contract.
• Non-refundable Clause: There is no obligation to return the upfront payments or milestones previously received by Alteogen, even upon the termination of the contract.
• Historical Context: Under the original contract signed in June 2020, information regarding the counterparty was confidential. However, under an amended contract executed in February 2024, the identity of the counterparty (MSD) and the development product (Keytruda SC) were disclosed.

📈 2. [Expert View: What This Disclosure Means for Investors]

• Receipt Details & Contents: The milestone payment condition has been met following the European regulatory approval of Keytruda SC utilizing ALT-B4. The payment of USD 15.0M (approx. KRW 21.9B) is scheduled to be received within 30 days from the invoice date and is non-refundable.
• Omitted Information in Disclosure: This regulatory disclosure does not specify the explicit sales royalty percentages to be generated in the commercialization phase, nor does it outline the remaining milestone schedules and their specific conditions.
• Investor Interpretation: The fulfillment of this milestone condition and the subsequent cash inflow could provide potential financial support (could affect) to the company’s financial metrics. However, because the exact scale or timing of commercial sales royalty streams cannot be verified through this data alone, investors should monitor upcoming periodic financial statements to confirm the structural revenue impact.

📝 Editor’s Comment (by K-STOCK Editor)

The milestone payment condition has been met following the European regulatory approval of Keytruda SC utilizing ALT-B4. The specific sales royalty rates and the remaining milestone details are not specified within this official disclosure. The cash inflow scheduled to be collected within 30 days carries no return obligation and may support (may affect) the company’s near-term cash flow, but the actual revenue recognition and specific financial contributions must be verified through subsequent periodic financial reports. This commentary outlines objective metrics and does not constitute any buy or sell signals.

📢 Disclaimer & Source Information

Source: This content was newly structured and written based on official data submitted to the Financial Supervisory Service Electronic Disclosure System (DART).

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