# Who are ALTEOGEN's customers? Who does ALTEOGEN earn revenue from?
Canonical: https://valuechain.wiki/alteogen · Facet: customers · Updated: 2026-07-12T04:03:43.631+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: ALTEOGEN's confirmed revenue counterparties include Merck & Co. (MSD), Daiichi Sankyo plus 3 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 5 revenue edges, backed by 6 dated sources, 4 of them primary filings (as of 2026-07-12).

### 머크 (미국 MSD) (high)  → /merck-co.md
- metric: Amount $4.3B · 최대 총 계약금액(로열티 별도) · DART annual report & milestone filings
- note: Exclusive license applying ALT-B4 to Keytruda SC (subcutaneous pembrolizumab). A 2020 non-exclusive deal was amended in Feb 2024 to a pembrolizumab-only exclusive worth up to US$4.317B. Alteogen received a US$25M milestone on US FDA approval (Oct 2025) and US$15M on EU approval (Nov 2025). The royalty rate is confirmed at 2% of net sales; Daishin estimates ~300bn won of milestone/royalty in 2026.
- [confirms] Edaily MarketIn / Daishin Securities (KO, news, published 2026-05-20) https://marketin.edaily.co.kr/News/ReadE?newsId=02161526645450888: "Daishin: Keytruda SC-linked milestones/royalties projected at ~300bn won in 2026, ~400bn in 2027, ~500bn in 2028; initiated Buy with a 500,000 won target."
- [confirms] FSS DART (KO, filing, published 2026-03-23) https://opendart.fss.or.kr/api/document.xml?rcept_no=20260323001596: "MSD (Merck in US/Canada)... license for platform development and commercialization; the amended contract grants an ALT-B4 exclusive limited to the pembrolizumab product family, up to US$4.317B."
- [confirms] BigGo Finance (EN, news, published 2026-01-22) https://finance.biggo.com/news/nXU945sBXdIeighIpkwS: "Merck royalty rate confirmed at 2% of net sales (below the 4-5% market expectation); Hana cut its target price 9.4% to 580,000 won."
- [confirms] DART (FSS) (KO, filing, published 2025-11-27) https://opendart.fss.or.kr/api/document.xml?rcept_no=20251127900375: "US$15,000,000 milestone from MSD for ALT-B4 (berahyaluronidase alfa) on EU approval of Keytruda SC."
- [confirms] DART (FSS) (KO, filing, published 2025-10-01) https://opendart.fss.or.kr/api/document.xml?rcept_no=20251001900011: "Milestone achieved on ALT-B4 licensed to MSD; fee US$25,000,000 (approx. 35.05bn won) for US FDA approval of subcutaneous pembrolizumab."

### 아스트라제네카 (MedImmune) (high)
- metric: Amount $1.4B · 최대 총 계약금액 합계(UK $750M + US $600M) + 로열티 · DART annual report
- note: Two exclusive licenses (effective Mar 2025) applying ALT-B4 to SC forms of three AstraZeneca oncology drugs. MedImmune Ltd. (UK) up to US$750M plus royalties with a US$25M upfront; MedImmune LLC (US) up to US$600M plus royalties with a US$20M upfront; US$45M of upfronts received in Apr 2025.
- [confirms] FSS DART (KO, filing, published 2026-03-23) https://opendart.fss.or.kr/api/document.xml?rcept_no=20260323001596: "MedImmune Ltd. (UK) and MedImmune LLC (US) are wholly owned AstraZeneca subsidiaries. Exclusive licenses for SC forms of AstraZeneca oncology drugs: up to US$750M (UK) and US$600M (US) plus royalties; US$25M and US$20M upfronts received Apr 2025."

### 다이이치산쿄 (high)  → /daiichi-sankyo.md
- metric: Amount $300M · 최대 총 계약금액 + 로열티 · DART annual report
- note: Exclusive license (Nov 2024) applying ALT-B4 to a subcutaneous form of the ADC cancer drug Enhertu. Up to US$300M plus royalties, with a US$20M upfront received in Dec 2024.
- [confirms] FSS DART (KO, filing, published 2026-03-23) https://opendart.fss.or.kr/api/document.xml?rcept_no=20260323001596: "Daiichi Sankyo (Japan)... exclusive license for a subcutaneous form of the ADC drug Enhertu; up to US$300M plus royalties, with a US$20M upfront received Dec 2024."

### 산도스 (Sandoz) (high)
- note: Co-development and exclusive license (Jul 2024) applying a hyaluronidase distinct from ALT-B4 to multiple Sandoz products. Total contract value withheld by mutual agreement; structured on milestones and sales royalties. Sandoz is a global biosimilar/generics firm spun off from Novartis in 2023.
- [confirms] FSS DART (KO, filing, published 2026-03-23) https://opendart.fss.or.kr/api/document.xml?rcept_no=20260323001596: "Sandoz (Switzerland)... exclusive license across multiple products using recombinant hyaluronidase technology; signed Jul 2024, ending at royalty-term expiry; total value withheld."
- [confirms] DART (FSS) (KO, filing, published 2024-07-30) https://opendart.fss.or.kr/api/document.xml?rcept_no=20240730900136: "Counterparty: Sandoz AG (Switzerland, spun off from Novartis in 2023, 2023 revenue $9.6bn). Co-development/license for a hyaluronidase distinct from ALT-B4. Total contract value withheld under confidentiality; sales royalty separate."

### 인타스 (Intas Pharmaceuticals) (mid)
- metric: Amount $115M · 최대 총 계약금액 + 두 자릿수 로열티 · DART annual report
- note: Exclusive license (Jan 2021) applying ALT-B4 to SC forms of two Intas products (worldwide ex-parts of Asia). Up to US$115M plus a sales-linked royalty of up to double digits (%), with a US$6M upfront received in Jan 2021.
- [confirms] FSS DART (KO, filing, published 2026-03-23) https://opendart.fss.or.kr/api/document.xml?rcept_no=20260323001596: "Intas Pharmaceuticals Ltd. (India)... exclusive license for SC forms of two products; signed Jan 2021; up to US$115M plus a royalty of up to double digits (%); US$6M upfront received Jan 2021."

Reverse side: https://valuechain.wiki/alteogen/suppliers.md · Ripple: https://valuechain.wiki/alteogen/ripple.md

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Full node: https://valuechain.wiki/alteogen.md · JSON: https://valuechain.wiki/alteogen.json