InvestNot yet confirmed elsewhere1 publisher2 min readPublished
SkyAlt carries 200 billion won of the 855 billion Korea's National Growth Fund has put behind five biotechs
Alteogen is the fifth drug or biotech company named a National Growth Fund recipient this year, taking a planned 200 billion won through the SkyAlt vehicle. Only Alteogen's deal runs through SkyAlt, while the other four were one direct investment and three low-interest loans.
The Investor · Invest desk
Alteogen plans 200 billion won in shares to SkyAlt, per industry sources; SkyAlt is funded by the National Growth Fund and Skylake. Ligachem: 250 billion won direct investment. SK bioscience: 300 billion won loans. BTgen: 85 billion won loans. Kyongbo: 20 billion won loans.
- decision Alteogen Plans to issue 200 billion won in classified shares to SkyAlt, according to industry sources on the 9th, claim 1
- capability SkyAlt Vehicle jointly funded by the National Growth Fund and the private equity firm Skylake, claim 16
- capability Ligachem Biosciences Secured 250 billion won in direct investment in June after review by the fund's management committee, claim 6
- capability SK bioscience Won approval for 300 billion won in low-interest loans in May for Phase 3 vaccine trials and an Andong plant expansion, claim 7
- capability BTgen Received 85 billion won in loan support to expand biosimilar contract manufacturing facilities in Songdo, claim 8
- capability Kyongbo Pharmaceutical Received 20 billion won in loans to build an ADC manufacturing facility and expand contract manufacturing, claim 9
| Who | How | Kind | Claim |
|---|---|---|---|
| Alteogen | Plans to issue 200 billion won in classified shares to SkyAlt, according to industry sources on the 9th | decision | 1 |
| SkyAlt | Vehicle jointly funded by the National Growth Fund and the private equity firm Skylake | capability | 16 |
| Ligachem Biosciences | Secured 250 billion won in direct investment in June after review by the fund's management committee | capability | 6 |
| SK bioscience | Won approval for 300 billion won in low-interest loans in May for Phase 3 vaccine trials and an Andong plant expansion | capability | 7 |
| BTgen | Received 85 billion won in loan support to expand biosimilar contract manufacturing facilities in Songdo | capability | 8 |
| Kyongbo Pharmaceutical | Received 20 billion won in loans to build an ADC manufacturing facility and expand contract manufacturing | capability | 9 |
What happened
- The 200 billion won divides evenly: 100 billion in convertible preferred shares and 100 billion in a redeemable version, which is issued at 10.3% over the reference price.
- Proceeds go to diversification and Alteogen's own production, including a Daejeon plant to bring subcutaneous Keytruda material in-house from outside contract manufacturers and to make an Aflibercept biosimilar.
- Ligachem Biosciences secured 250 billion won of direct investment in June, after review by the fund's management committee, to strengthen late-stage trials of its core pipeline.
- SK bioscience won approval in May for 300 billion won of low-interest loans, for a global Phase 3 trial of a 21-valent pneumococcal vaccine with Sanofi and an Andong plant expansion.
- SkyAlt is jointly funded by the National Growth Fund and the private equity firm Skylake, and Alteogen's terms come from industry sources on the 9th.
Why it matters
- decision The source sorts the instruments by need. Companies needing large sums for trials and capacity got loans, while Alteogen and Ligachem, proven through licensing, got investment, so each applicant now chooses what it will give back.
- capability In-house production is meant to improve Alteogen's margins, and it adds a product-supply line to a business built on milestones and royalties from licensing deals with 10 global drugmakers.
- exposure Medical device and medical AI makers are the next group within reach. The fund has yet to invest there, an industry official said support is under review, and Mirae Asset Securities lists Next Biomedical, Seers Technology and i-SENS as candidates.
Add the five and SkyAlt is the smallest of the three routes the fund has used for biotech so far. The four earlier recipients took 655 billion won [20]: 250 billion for Ligachem [6], 300 billion for SK bioscience [7], 85 billion for BTgen [8] and 20 billion for Kyongbo [9]. Alteogen's 200 billion brings the total to 855 billion [21]. Loans are 405 billion [22] of that, or 47% [23]. Ligachem's direct investment is 29% [24], and the SkyAlt preferred shares are 23% [25].
Against the fund's own books, the biotech slice is small in total and larger in direct investment. Through August the fund had approved 17.9 trillion won across all industries [10], of which 2.83 trillion was direct investment [11] and 6.59 trillion was low-interest loans [12]. The four earlier biotech approvals are 3.7% of the total [26]. Ligachem's 250 billion is 8.8% of the direct-investment line [27], and the three loans, at 405 billion, are 6.1% of the loan line [28].
We think the fund is a real source of late-stage and manufacturing money for biotech, with loans the largest route and SkyAlt, so far, the smallest. Every stated use among the five is a trial or a plant [4][6][7][8][9]. According to sedaily.com, a senior industry official said that leading companies such as Alteogen and Ligachem, having shown global competitiveness through technology licensing, are trying to use fund money to build their own production networks or complete late-stage trials [15]. The counter-thesis is that five recipients is a thin base, and that both the "emerging" framing [18] and Alteogen's terms [1] come from one outlet, the terms from unnamed industry sources.
The view is wrong if SkyAlt's share of the next biotech approvals climbs well above the 23% it holds now [25], because the vehicle, and not the loan book, would then be the channel. It is also wrong if the money goes elsewhere. The sedaily.com report describes plans and approvals, not disbursements, and does not give the conversion or redemption terms of Alteogen's shares, so the 10.3% premium on the redeemable half [2] cannot be judged cheap or dear.
What to watch
- Whether the next biotech approval runs through SkyAlt, which would push its 23% share of the 855 billion won higher.
- The fund's next cumulative tally after August's 17.9 trillion won, to see which category carries Alteogen's 200 billion won.
- Whether Alteogen's issue closes on the terms industry sources described, including the 10.3% premium on the redeemable shares.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence50
- Adoption
- Insufficient
- Hype gap+15
- Incentives
- Insufficient
- Confidence55
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
Alteogen plans to issue a combined 200 billion won in classified shares to SkyAlt, according to industry sources on the 9th.
- [2]
The Alteogen issue consists of 100 billion won each in convertible preferred shares and redeemable convertible preferred shares, with the redeemable shares priced 10.3% above the reference price.
- [3]
Alteogen's raise brings to five the number of pharmaceutical and biotech companies named as National Growth Fund recipients this year.
- [4]
Alteogen will use the proceeds for business diversification and its own production infrastructure, including a plant in Daejeon to shift production of the material used in subcutaneous Keytruda from outside contract manufacturers to its own facility and to produce an Aflibercept biosimilar and future candidates directly, to improve margins.
- [5]
Alteogen has built a business centered on milestone payments and royalties, with licensing deals with 10 global drugmakers based on its ALT-B4 subcutaneous conversion platform.
- [6]
Ligachem Biosciences secured 250 billion won in direct investment in June after review by the fund's management committee, to strengthen late-stage trial capabilities for its core pipeline.
- [7]
SK bioscience won approval for 300 billion won in low-interest loans in May, to fund global Phase 3 trials of a 21-valent pneumococcal vaccine being developed with Sanofi and an expansion of its vaccine plant in Andong.
- [8]
BTgen received 85 billion won in loan support to expand biosimilar contract development and manufacturing facilities in Songdo, raising drug substance and drug product capacity by 44% and 170%.
- [9]
Kyongbo Pharmaceutical received 20 billion won in loans to build a next-generation ADC manufacturing facility meeting good manufacturing practice standards and to expand its contract manufacturing business.
- [10]
Through August, the National Growth Fund had approved a total of 17.9 trillion won in support across all industries.
- [11]
Of the 17.9 trillion won approved through August, 2.83 trillion won was direct investment.
- [12]
Of the 17.9 trillion won approved through August, 6.59 trillion won was low-interest loans.
- [13]
The fund has yet to invest in the medical device sector, including medical AI; an industry official said medical AI is drawing the fund's attention and that support is under review.
- [14]
Mirae Asset Securities highlighted Next Biomedical, Seers Technology and i-SENS as potential candidates, and Lunit, Neurophet and JLK are mentioned in medical AI.
- [15]
A senior industry official said leading companies such as Alteogen and Ligachem Biosciences, which have proven global competitiveness through technology licensing, are attempting to move away from licensing out by using fund money to build their own production networks or complete late-stage trials.
ReportedSupportedSource: a senior industry official, unnamed, cited by en.sedaily.comView cited source - [16]
SkyAlt is a vehicle jointly funded by the National Growth Fund and the private equity firm Skylake.
- [17]
Ligachem Biosciences, SK bioscience, BTgen and Kyongbo Pharmaceutical received investment or loan support from the fund earlier this year.
- [18]
en.sedaily.com reports that the National Growth Fund is emerging as a new source of capital for Korean biotech.
- [19]
Companies needing large sums for clinical trials and production capacity received low-interest loans.
- [20]
The four earlier biotech and drug recipients took 655 billion won in total.
- [21]
With Alteogen's 200 billion won, the five recipients total 855 billion won.
- [22]
The three loans (SK bioscience, BTgen, Kyongbo) total 405 billion won.
- [23]
Loans are about 47% of the 855 billion won.
- [24]
Ligachem's direct investment is about 29% of the 855 billion won.
- [25]
The SkyAlt preferred shares are about 23% of the 855 billion won.
- [26]
The four earlier biotech approvals (655 billion won) are about 3.7% of the 17.9 trillion won approved through August.
- [27]
Ligachem's 250 billion won is about 8.8% of the 2.83 trillion won of direct investment approved through August.
- [28]
The three biotech loans (405 billion won) are about 6.1% of the 6.59 trillion won of low-interest loans approved through August.
Sources
1 independent publisher whose own reporting we read for this story.
- en.sedaily.comAlteogen Joins Growing List of Biotechs Backed by National Growth Fund
1 article · October 11, 2026
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