Glenmark Pharma shares surge 10% after its subsidiary signs $700 million licensing deal with AbbVie for ISB 2001
Glenmark Pharmaceuticals witnessed a sharp 10% rise in its stock price during morning trade after announcing a major licensing agreement between its US-based innovation subsidiary, IGI Therapeutics SA, and global biopharma giant AbbVie (NYSE: ABBV). The deal focuses on IGI's lead investigational therapy, ISB 2001, developed using its proprietary BEAT® protein platform, targeting oncology and autoimmune disorders. As of 9:15 AM, the shares were trading 10.00% higher at Rs 2,094.40.
As part of the exclusive global licensing deal, AbbVie will obtain rights to develop, manufacture, and commercialize ISB 2001 in key markets, including North America, Europe, Japan, and Greater China. Glenmark's IGI will receive an upfront payment of $700 million and stands to gain up to $1.225 billion in milestone-based payouts. Additionally, the agreement includes tiered double-digit royalties on net sales.
Roopal Thakkar, M.D., Executive Vice-President, Research and Development and Chief Scientific Officer, AbbVie, stated, 'Multispecifics including trispecific antibodies represent a new frontier in immuno-oncology with the potential to deliver deeper, more durable responses by engaging multiple targets simultaneously. This partnership with IGI reflects our unwavering commitment to advancing novel therapies for patients with multiple myeloma, a disease where significant unmet need remains despite recent progress.'
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
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Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at BusinessUpturn.com
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