Glenmark Pharma Soars 10% To Record High After AbbVie Cancer Drug Deal; Details
Shares of Glenmark Pharmaceuticals Ltd surged 10 per cent in early trade on Friday; Key points for investors
Glenmark Share Price: Shares of Glenmark Pharmaceuticals Ltd surged 10 per cent in early trade on Friday, scaling a new all-time high of Rs 2,094 apiece, after the company announced a major licensing agreement involving its innovation subsidiary.
In a regulatory filing post market hours on July 10, Glenmark said its step-down wholly-owned subsidiary, Ichnos Glenmark Innovation (IGI), had signed a global licensing pact with AbbVie. The investigational drug, ISB 2001, is currently undergoing Phase 1 clinical trials for patients with relapsed or refractory multiple myeloma, a form of blood cancer.
Under the terms of the agreement, AbbVie will obtain exclusive rights to develop, manufacture, and commercialize ISB 2001 across key developed markets, including North America, Europe, Japan, and China. Glenmark will retain commercialization rights across emerging markets such as the rest of Asia, Latin America, Russia/CIS, the Middle East, Africa, Australia, New Zealand, and South Korea.
Glenmark's IGI Therapeutics SA will receive an upfront payment of $700 million and may earn up to $1.225 billion in additional milestone payments tied to development, regulatory clearances, and commercial success. The deal also includes tiered, double-digit royalties on net sales.
The US FDA granted ISB 2001 orphan drug designation in July 2023 and fast-track designation in May 2025 for treating relapsed or refractory multiple myeloma. These designations are expected to speed up the drug's development and approval process.
Roopal Thakkar, M.D., EVP of R&D and Chief Scientific Officer at AbbVie, said, 'Multispecifics, including trispecific antibodies, are a new frontier in immuno-oncology. This partnership underscores our commitment to advancing novel treatments for multiple myeloma, where unmet medical needs still exist."
Cyril Konto, M.D., President and CEO of IGI, added, 'ISB 2001 showcases the power of our BEAT® protein platform to create next-generation multispecifics™. This agreement is a defining moment in IGI's journey and accelerates the drug's path to patients."
Stock Performance and Analyst Take
Glenmark Pharma shares have surged over 14% in the past five sessions, 28% in one month, and more than 51% over the past year. Despite the rally, Nomura has maintained a 'Neutral' rating on the stock with a price target of Rs 1,500, implying over 21% downside from its previous close of Rs 1,904. The brokerage noted that the deal is the largest licensing agreement signed by an Indian pharmaceutical firm and exceeded its expectations in value.
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July 11, 2025, 10:41 IST
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