Alteogen: A Key Player in the Era of Subcutaneous Biologics (Target Price : N/R)

1. ALT-B4 positions Alteogen as a leading SC-conversion platform, enabling application across antibodies, ADCs, bispecifics, and RNA modalities, with multiple big-pharma partnerships already in progress.

2. With Keytruda Qlex launching in the U.S. in October and sales milestones expected from 4Q25, additional regulatory approvals in Europe and Japan in 2026 could further amplify milestone inflows.

3. The platform's long-term revenue potential mirrors Halozyme’s model, while the upcoming PGR resolution and planned KOSPI uplisting in 2026 serve as major catalysts for re-rating.