The surge in Alteogen's shares has significantly increased the net worth of the Park family, with Park Soon-jae holding a 19.4% stake worth $1 billion, his wife Jung Hye-sin owning a 3.8% stake worth $198 million, and their daughter Park Soo-min holding 0.5%. The family's combined net worth is estimated at $1.2 billion. Despite some South Korean biotech billionaires losing their status due to fluctuating fortunes, there have been success stories such as Seo Jung-jin, co-founder of drugmaker Celltrion, who topped the Korea wealth rankings in 2021 with a net worth of $12.5 billion.
Key takeaways:
- Shares of South Korean biotech company Alteogen surged by 25% after it announced a licensing deal with drug giant Merck, making the company's founder and CEO, Park Soon-jae, a billionaire.
- Alteogen specializes in biosimilars and bio-betters, and has been making significant revenue from its ALT-B4 technology, which allows drugs to be administered subcutaneously.
- The licensing deal with Merck involves the rights to use Alteogen’s ALT-B4 for Merck's cancer drug pembrolizumab, with Alteogen set to receive $20 million upfront and potential milestone payments of up to $432 million.
- Despite some South Korean biotech billionaires losing their status due to fluctuating fortunes, there are success stories such as Seo Jung-jin, co-founder of drugmaker Celltrion, who topped the Korea wealth rankings in 2021 with a net worth of $12.5 billion.