2025. 1. 29. 17:06ㆍKorean Economy
Dr. Soon-Jae Park is regarded as a research and development expert with extensive experience in drug development, clinical trials, technology exports, contract manufacturing (CMO), and business strategy. He is also recognized as an exceptional entrepreneur.
Dr. Park majored in biochemistry at Yonsei University and pursued his Ph.D. at Purdue University in the United States. He later worked as a researcher at the Massachusetts Institute of Technology (MIT). After returning to Korea, he held roles such as researcher at LG Chem, head of development at Hanwha Petrochemical, and CEO of Binex.
At LG Chem and Hanwha Group, Dr. Park saw the potential of the bioindustry. At LG Chem, he was responsible for overseas business development, partnerships, and licensing-out activities. At Hanwha Group, he contributed to establishing the organizational structure and pipeline for its antibody biosimilar business.
Dr. Park’s entrepreneurial journey began in 2008 when he co-founded Alteogen with his wife, Dr. Hye-Shin Jeong. Alteogen focuses on developing biopharmaceuticals and biosimilars. Its core technology, Hybrozyme, converts intravenous (IV) biopharmaceuticals into subcutaneous (SC) formulations.
One of the key challenges of intravenous formulations is the need for patients to visit a hospital and undergo treatments that can take six to seven hours. In contrast, subcutaneous formulations allow patients to self-administer the medication at home in just five to ten minutes.
Interestingly, Alteogen's original business model did not include subcutaneous formulation technology. However, as competition in the biosimilar market intensified, the company began developing SC technologies to enhance its competitiveness. Dr. Park recognized the growing demand for improved patient convenience in the biopharmaceutical market, which was heavily reliant on IV formulations, and swiftly adapted to meet this market need.
Globally, only a few companies, including Alteogen, Celltrion, and the U.S.-based Halozyme Therapeutics, possess subcutaneous formulation technology for biopharmaceuticals.
The competitiveness of subcutaneous (SC) formulation technology in the biopharmaceutical market is unparalleled. For example, Celltrion's "Remsima SC," developed using SC formulation technology, was recognized as a new drug by the U.S. Food and Drug Administration (FDA).
Alteogen began to make its mark in the global biopharmaceutical market after securing its SC formulation technology. Major deals with global pharmaceutical companies, including GPC in 2019, MSD in 2020, Sandoz in 2022 and 2024, and Daiichi Sankyo in 2024, all revolved around this technology. Notably, the agreement with MSD had a staggering value of $4.37 billion (approximately 5.5 trillion KRW).
These significant achievements in technology licensing became a catalyst for Dr. Park's growing success. Following the major licensing deal in 2020, Alteogen’s stock price surpassed 100,000 KRW per share, bringing its market capitalization to approximately 4 trillion KRW, based on outstanding shares excluding treasury stock.
Alteogen’s stock saw another surge last year, again driven by technology licensing. The amended agreement with MSD attracted strong investor interest. Following the revised deal on February 22, Alteogen’s market capitalization exceeded 10 trillion KRW for the first time. This milestone coincided with the conclusion of Phase 3 clinical trials for MSD’s blockbuster immuno-oncology drug, Keytruda SC (the SC formulation of Keytruda), which features Alteogen's technology.
The momentum continued, with Alteogen’s stock price climbing further. By October 11, the company’s market capitalization had surpassed 20 trillion KRW, and on November 11, it reached an all-time high of 23.74 trillion KRW. This remarkable growth—from a market capitalization of 145.1 billion KRW in 2014 to over 20 trillion KRW in just a decade—showcases the company’s extraordinary trajectory.
Now, Dr. Park and Alteogen are focusing on expanding the application of their SC formulation platform. Their goal is to go beyond antibody-based therapeutics and explore areas such as antibody-drug conjugates (ADCs) and bispecific antibodies, which are garnering significant attention in the global biopharmaceutical industry.
After signing the deal with Daiichi Sankyo, Dr. Park stated, “We hope to apply ALT-B4, our SC formulation technology, to a broader range of therapies, providing patients with more diverse treatment options in the future.”