Alteogen announced on August 31 that it will receive a $25 million milestone payment from MSD, its partner on the Hybrozyme platform, based on sales of the subcutaneous (SC) formulation of Keytruda. This payment marks a significant step as it indicates the company has entered the revenue generation phase based on actual global market sales following its technology transfer.
This milestone is the first achievement among a total of $1 billion in sales milestones outlined in the licensing agreement between Alteogen and MSD. Unlike revenues from clinical and regulatory development stages, this payment signifies the commencement of cash flow linked to product sales.
According to MSD's earnings report, sales of the Keytruda SC formulation reached $590 million in the first half of this year. Since its launch in October 2022, sales have rapidly increased, with $40 million in Q4 2025, $128 million in Q1 2026, and $463 million in Q2 2026.
Keytruda is a leading immuno-oncology drug targeting PD-1, used in monotherapy and combination therapy for over 40 different cancer indications. PD-1 is a protein that inhibits the activity of T cells, and Keytruda works by blocking this protein, enabling immune cells to attack cancer cells.
MSD is focusing on transitioning Keytruda from intravenous (IV) to subcutaneous (SC) administration, emphasizing its use in monotherapy, oral chemotherapy combinations, and adjuvant therapy post-surgery. Recently, the scope of its application has expanded with approvals for adjuvant therapy and pre- and post-surgical treatments in renal cell carcinoma and bladder cancer, among others.
In addition, a recent Phase 3 clinical trial combining Keytruda with the personalized mRNA therapy Intismeran, developed by MSD and Moderna for high-risk melanoma patients undergoing resection, has met its primary endpoints, further expanding Keytruda's therapeutic range.
Meanwhile, Alteogen is set to build a manufacturing facility in the Daejeon Dungok district. The city of Daejeon recently signed a memorandum of understanding with Alteogen for an investment of 253.2 billion won and the creation of 135 new jobs, marking the first successful corporate investment attraction of the ninth civil election period.
This milestone is the first achievement among a total of $1 billion in sales milestones outlined in the licensing agreement between Alteogen and MSD. Unlike revenues from clinical and regulatory development stages, this payment signifies the commencement of cash flow linked to product sales.
According to MSD's earnings report, sales of the Keytruda SC formulation reached $590 million in the first half of this year. Since its launch in October 2022, sales have rapidly increased, with $40 million in Q4 2025, $128 million in Q1 2026, and $463 million in Q2 2026.
Keytruda is a leading immuno-oncology drug targeting PD-1, used in monotherapy and combination therapy for over 40 different cancer indications. PD-1 is a protein that inhibits the activity of T cells, and Keytruda works by blocking this protein, enabling immune cells to attack cancer cells.
MSD is focusing on transitioning Keytruda from intravenous (IV) to subcutaneous (SC) administration, emphasizing its use in monotherapy, oral chemotherapy combinations, and adjuvant therapy post-surgery. Recently, the scope of its application has expanded with approvals for adjuvant therapy and pre- and post-surgical treatments in renal cell carcinoma and bladder cancer, among others.
In addition, a recent Phase 3 clinical trial combining Keytruda with the personalized mRNA therapy Intismeran, developed by MSD and Moderna for high-risk melanoma patients undergoing resection, has met its primary endpoints, further expanding Keytruda's therapeutic range.
Meanwhile, Alteogen is set to build a manufacturing facility in the Daejeon Dungok district. The city of Daejeon recently signed a memorandum of understanding with Alteogen for an investment of 253.2 billion won and the creation of 135 new jobs, marking the first successful corporate investment attraction of the ninth civil election period.
* This article has been translated by AI.
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