Glenmark-AbbVie deal: A turning point in Indian drug innovation
Ichnos Glenmark Innovation (IGI), a wholly owned innovation arm of India's research-led generic drug maker, based in Switzerland, entered into this landmark global licensing agreement with US pharmaceutical major AbbVie.
ISB 2001, currently in Phase 1 trials for relapsed or refractory multiple myeloma, is a first-in-class trispecific antibody developed using IGI's proprietary BEAT platform, targeting BCMA, CD38, and CD3.
As part of the agreement, IGI will receive a $700 million upfront payment, with potential milestone payments totaling up to $1.225 billion, and tiered double-digit royalties on net sales. AbbVie secures exclusive rights to develop, manufacture, and commercialize ISB 2001 across North America, Europe, Japan, and Greater China, while Glenmark retains rights in emerging markets and India.
A reset moment for Indian pharma innovation
The $700 million upfront payment is unprecedented for a domestic biotech player and signals a major shift in how global markets value Indian R&D capabilities.
Early Phase 1 data on ISB 2001 showed a 79–83% overall response rate and strong tolerability in heavily pretreated patients --remarkable results at this stage for a novel oncology agent.
The deal also transforms IGI's funding model. According to Glenmark Chairman Glenn Saldanha, IGI will soon be self-funded, reducing dependence on parent capital. This frees up Glenmark to reinvest in R&D or explore shareholder-friendly initiatives. Prior to this deal, the company was net-debt; it is now net-cash.
Following the announcement, Glenmark shares surged nearly 10%, hitting a 52-week high. Analysts believe this elevates Glenmark from a generics-focused player to a serious contender in biologics and innovation-led pharma.
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