Alteogen (KOSDAQ:196170) signed an exclusive option-license agreement with Novartis Pharma AG on September 2 covering ALT-B4, its recombinant human hyaluronidase "Hybrozyme" platform that converts IV biologics into under-the-skin injections. Novartis gets rights to develop and commercialize subcutaneous versions of multiple Novartis biologics using ALT-B4. Total potential payments — signing fee, option-exercise fees, and development/commercial milestones across all products if every option is exercised — top out at USD 3,223 million (about ₩4,416.5bn at the disclosed ₩1,370.30/USD rate), plus a separate sales royalty once products launch; the ceiling shrinks if trials fail or sales are small. The signing payment is due within 30 days. Alteogen's FY2025 revenue was ₩215.9bn, so the $3.22bn ceiling is roughly 20x that. Deal-specific terms (products, milestones, royalty rate, counterparty confidentiality period) are withheld under contractual confidentiality through January 3, 2053. This is Alteogen's second named large-pharma ALT-B4 partner disclosed in a month, after an August 4 exclusive license (up to $365m) with an initially undisclosed partner.