Alteogen will receive a $25 million sales milestone from Merck, known as MSD outside the United States, tied to Keytruda Qlex, the subcutaneous formulation of its cancer immunotherapy Keytruda. The payment is the first of up to $1 billion in sales milestones under the companies' licensing agreement. Keytruda Qlex generated $590 million in revenue during the first half of this year, after recording $40 million in the fourth quarter following its October launch, $128 million in the first quarter of 2026 and $463 million in the second quarter. Alteogen supplied the technology that converts Keytruda from intravenous delivery to a subcutaneous injection through its Hybrozyme platform. The milestone links Alteogen's revenue to actual global product sales rather than development-stage events such as clinical or regulatory achievements. The company has partnerships with nine global pharmaceutical companies and plans to pursue further collaborations involving subcutaneous drug formulations.