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Shinhan Securities Raises Alteogen Target Price Following Novartis Mega-Deal
Health Technology · Biotechnology · yonhap_finance · 2026-09-02
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Shinhan Securities has increased its target price for Alteogen to 540,000 KRW, highlighting the strategic significance of its 4.4 trillion KRW Novartis deal.
What Happened
Landmark Novartis Agreement: Shinhan Securities has raised its target price for Alteogen to 540,000 KRW, following a massive licensing deal with Novartis worth up to 4.4 trillion KRW. The agreement is highly significant as it marks the world's first effort to convert an antibody-oligonucleotide conjugate (AOC) gene therapy into a subcutaneous (SC) formulation.
Expanding Technological Leadership: Alteogen continues to pioneer the SC delivery market, moving from ADC SC development to AOC gene therapy. This deal serves as a critical validation of their technology, likely influencing other global gene therapy firms to pursue similar SC conversion strategies.
Significant Revenue Potential: The contract covers up to 10 distinct products, with per-item upfront payments expected to exceed those of previous deals like the one with Biogen. If all 10 products are developed, the company could secure over 200 billion KRW in additional upfront payments.
Strong Growth Momentum: With a record-breaking 16 trillion KRW in cumulative licensing deals this year and successful patent defenses, Alteogen remains a top pick. The company is well-positioned for continued growth throughout the remainder of the year as it capitalizes on its proprietary SC technology.