Biogen (BIIB) has signed a licensing deal with South Korea's Alteogen for subcutaneous biopharmaceutical formulations based on the ALT-B4 platform, a technology that converts intravenous drugs into subcutaneous injections, news outlets reported Wednesday, citing Alteogen.

Under the agreement, Biogen secures exclusive rights to develop and commercialize two biopharmaceutical products using Alteogen's ALT-B4 platform and an option to develop a third product, according to media reports, including Seoul Economic Daily.

Alteogen will receive an upfront payment of $20 million upon signing, with an additional $10 million payment once development of the second product begins, the reports said.

Alteogen is also eligible to receive up to $549 million in milestone payments in addition to royalties based on product sales, the reports said.