[비즈한국] U.S.-based Halozyme, which has enjoyed a monopoly in the global subcutaneous (SC) formulation modification platform market, has begun building technical defensive walls through aggressive M&A. With the recent launch of 'Keytruda SC' featuring technology transferred to MSD by Altogen196170, and rapid pursuit via additional technology transfers to GSK, Halozyme's move is interpreted as an attempt to maintain market leadership by preempting next-generation technology.
Halozyme announced on the 28th (local time) that it will acquire U.S. biotech firm Surrozen for $400 million (KRW 573.6 billion). The company plans to pay $300 million (KRW 430.2 billion) as an upfront payment, with an additional $100 million (KRW 143.4 billion) in milestones based on future development and regulatory approval achievements. This is a large-scale investment made just about three months after announcing the acquisition of ElectriPhi for approximately $900 million (KRW 1.2906 trillion) last October.
The industry views Halozyme’s move into securing new technology as a way to gain an edge in the platform supremacy battle against Altogen. Halozyme and Altogen have long competed with SC formulation technologies that use hyaluronidase enzymes to temporarily break down the hyaluronic acid layer in the skin to assist drug absorption. While the species of enzymes used differ, the mechanism of action is similar in that they expand the subcutaneous space, allowing for the injection of higher concentrations of drugs than IV (intravenous) methods. With patents on existing blockbuster biopharmaceuticals nearing expiration, global pharmaceutical companies are looking to extend their monopoly periods through SC formulation modifications, leading to high interest in the SC technologies of both Halozyme and Altogen.
By acquiring Surrozen, Halozyme has equipped itself with a new weapon: non-enzymatic high-concentration formulation technology. Surrozen's platform utilizes special excipients to condense monoclonal antibodies (mAbs) and small-molecule compounds in small amounts, allowing drugs to remain stable even at ultra-high concentrations of up to 500mg/mL. ElectriPhi, which Halozyme previously acquired, also possesses ultra-high-concentration formulation technology.
High-concentration formulation technology is essential for the application of autoinjectors, which allow patients to self-administer injections. As patient convenience is considered a key competitive factor in the rapidly growing markets for obesity treatments and autoimmune disease therapies, Halozyme's newly acquired technology is expected to become a core engine to solidify its future market dominance. Halozyme is already expanding into the autoimmune disease treatment market by applying its Enhanze technology to products such as Takeda's inflammatory bowel disease drug 'Entyvio'.
Although a latecomer, Altogen is threatening Halozyme. While there was market disappointment recently when it was revealed that the royalty rate for Keytruda SC to be received from MSD is around 2%, lower than initial expectations, the confidence of global pharmaceutical and biotech companies in Altogen's technology remains solid.
On the 20th, the company signed a $285 million (KRW 409.5 billion) ALT-B4 technology transfer agreement with Tesaro, a subsidiary of GSK, to incorporate ALT-B4 into the immuno-oncology drug Jemperli. Previously, in July 2024, it expanded its partnership by signing an agreement with Sandoz to apply ALT-B4 technology to multiple biosimilar products.
The competition between Halozyme and Altogen is expected to expand into the ADC (Antibody-Drug Conjugate) market, which will lead the oncology market in the future. In announcing the acquisition of Surrozen, Halozyme emphasized that its technology would play a pivotal role in improving the pharmacokinetic (PK) profiles of ADCs to enhance drug efficacy and safety. Altogen is currently participating in the development of an SC formulation for Daiichi Sankyo's breast cancer drug 'Enhertu', which sparked the ADC craze. In November 2024, it signed a $300 million technology transfer agreement with Daiichi Sankyo. Currently, Enhertu SC is undergoing a global Phase 1 clinical trial.