Latest news with #ISB2001
News18
5 days ago
- Business
- News18
Glenmark Pharma will turn cash positive with AbbVies licensing deal: S&P
New Delhi, Jul 17 (PTI) Glenmark Pharmaceuticals will turn net cash positive on its licensing deal with AbbVie Inc, according to S&P Global Ratings on Thursday. The agreement will further strengthen the company's financial position and liquidity, reversing results that led to a reported net debt of Rs 4.9 billion last year, it said in a statement. On July 11, 2025, Glenmark, through wholly-owned subsidiary IGI Therapeutics SA, announced an exclusive licensing agreement with AbbVie for ISB 2001, a lead investigational asset, developed by IGI, targeted for the treatment of cancer and autoimmune diseases. 'Following the transaction, we expect Glenmark's adjusted debt to decline to Indian rupee (INR) 10 billion-11 billion in fiscal 2026," S&P Global Ratings said. This will help offset higher working capital outflow than expected, which fuelled negative operating cash flow in fiscal 2025, it added. Consequently, Glenmark's adjusted debt rose to about Rs 28 billion in fiscal 2025, compared with Rs 18.1 billion in fiscal 2024. 'We estimate revenue will increase about 10 per cent in fiscal 2026 and 9-11 per cent annually for the following three years on new product launches and steady performance of the company's core portfolio," S&P Global Ratings said. Further, it said: 'We expect Glenmark's EBITDA margins to remain stable during this period without sizable remediation costs. Also, working capital outflow should moderate to Rs 12 billion-Rs 14 billion in fiscal 2026." Glenmark could be upgraded if its business position improves materially amid a significant rise in revenue accompanying persistently higher profitability, it noted. PTI MSS SHW (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 17, 2025, 19:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
5 days ago
- Business
- Time of India
Glenmark Pharma will turn cash positive with AbbVie's licensing deal: S&P
Glenmark Pharmaceuticals will turn net cash positive on its licensing deal with AbbVie Inc, according to S&P Global Ratings on Thursday. The agreement will further strengthen the company's financial position and liquidity, reversing results that led to a reported net debt of Rs 4.9 billion last year, it said in a statement. Explore courses from Top Institutes in Select a Course Category PGDM Degree Operations Management Data Science Data Science Digital Marketing Technology Public Policy Management Product Management Design Thinking Finance Data Analytics Cybersecurity Leadership Project Management Others others Healthcare MBA CXO Skills you'll gain: Financial Analysis & Decision Making Quantitative & Analytical Skills Organizational Management & Leadership Innovation & Entrepreneurship Duration: 24 Months IMI Delhi Post Graduate Diploma in Management (Online) Starts on Sep 1, 2024 Get Details On July 11, 2025, Glenmark, through wholly-owned subsidiary IGI Therapeutics SA, announced an exclusive licensing agreement with AbbVie for ISB 2001 , a lead investigational asset , developed by IGI, targeted for the treatment of cancer and autoimmune diseases . by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo "Following the transaction, we expect Glenmark's adjusted debt to decline to Indian rupee (INR) 10 billion-11 billion in fiscal 2026," S&P Global Ratings said. This will help offset higher working capital outflow than expected, which fuelled negative operating cash flow in fiscal 2025, it added. Live Events Consequently, Glenmark's adjusted debt rose to about Rs 28 billion in fiscal 2025, compared with Rs 18.1 billion in fiscal 2024. "We estimate revenue will increase about 10 per cent in fiscal 2026 and 9-11 per cent annually for the following three years on new product launches and steady performance of the company's core portfolio," S&P Global Ratings said. Further, it said: "We expect Glenmark's EBITDA margins to remain stable during this period without sizable remediation costs. Also, working capital outflow should moderate to Rs 12 billion-Rs 14 billion in fiscal 2026." Glenmark could be upgraded if its business position improves materially amid a significant rise in revenue accompanying persistently higher profitability, it noted.
Time of India
6 days ago
- Business
- Time of India
Glenmark Pharmaceuticals targets 70% branded portfolio by 2030, boosts focus on novel drugs
Glenmark Pharmaceuticals is pivoting to a sharper, innovation-driven company over the next 4-5 years with focus on its novel drug portfolio and strengthening its branded business, managing director Glenn Saldanha said. Glenmark 3.0 will look at bulking up its branded portfolio to 70% by 2030 from the current 60% with focus on three of its key therapeutic areas where the company is putting all its muscle to scale, he said at an investor's day meet in Mumbai. "2030 and onwards we see ourselves as a leading global innovation-driven company with leadership in three therapeutic areas that is dermatology, respiratory and oncology ," said Saldanha. "We are a $1.6 billion organisation and last year, 60% of our revenue came from branded products." Explore courses from Top Institutes in Select a Course Category Data Science Operations Management Cybersecurity Product Management Digital Marketing Public Policy Degree Technology PGDM Others MBA Management healthcare Finance Artificial Intelligence Healthcare Design Thinking others Project Management CXO Data Science Data Analytics Leadership MCA Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK DABS India Starts on undefined Get Details Skills you'll gain: Duration: 30 Weeks IIM Kozhikode SEPO - IIMK-AI for Senior Executives India Starts on undefined Get Details Skills you'll gain: Duration: 11 Months E&ICT Academy, Indian Institute of Technology Guwahati CERT-IITG Postgraduate Cert in AI and ML India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months E&ICT Academy, Indian Institute of Technology Guwahati CERT-IITG Prof Cert in DS & BA with GenAI India Starts on undefined Get Details Skills you'll gain: Duration: 11 Months IIT Madras CERT-IITM Advanced Cert Prog in AI and ML India Starts on undefined Get Details The roadmap for the next 4-5 years includes increasing contribution from high-growth EU and EM markets, growing the US generic business via respiratory, injectables product launches and growing a robust pipeline of innovative multi-specifics ( novel drugs to treat cancers) through Ichnos Glenmark Innovation (IGI). IGI last week entered a landmark pact with US-based AbbVie to develop and commercialise its innovative drug ISB 2001 used for the treatment of multiple myeloma, a rare form of blood cancer. It will get an upfront payment of $700 million (about Rs 6,000 crore) from AbbVie, in addition to potential milestone-linked payments of $1.2 billion. "We are looking at leveraging the platform and expanding on that further to continue to add more value," he said. Live Events Company executives said in territories where Glenmark gets the commercial rights of ISB 2001 the market opportunity will be $5 billion. "3.0 is all about moving up the value chain to become an innovation-led company with a large commercial footprint and transforming into something global," said Saldanha, seeking to differentiate the organisation from its domestic peers. "The second part of it is to create long-term sustainable value for all our stakeholders and ensure great return ratios." "The next 10 years are going to be about trying to create something transformational, focus on moving up the value chain, launch branded products and doing this in a fiscally disciplined manner where we have good margins and returns," he said.
Yahoo
15-07-2025
- Business
- Yahoo
AbbVie (ABBV) Strengthens Pays $700M to Strengthen Oncology Portfolio with ISB 2001
AbbVie Inc. (NYSE:ABBV) is one of Goldman Sachs' top healthcare stock picks. On July 10, the stock jumped 3.4% on the confirmation of an exclusive licensing deal with IGI Therapeutics. The agreement is for lead asset ISB 2001, which targets oncology and autoimmune diseases. Under the terms of the agreement, AbbVie has secured rights to develop, manufacture, and commercialize the treatment option across North America, Europe, Japan, and Greater China. In return, the company is to pay $700 million to IGI Therapeutics to secure the rights. '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,' said Roopal Thakkar, M.D., executive vice president of research and development and chief scientific officer at AbbVie. While the company will also incur milestone payments totaling $1.225 billion, the acquisition is poised to bolster its pipeline of drugs. The acquisition of ISB 2001 rights paves the way for AbbVie to expand and strengthen its oncology portfolio. The asset has the potential to address unmet needs in the treatment of multiple myeloma. AbbVie Inc. (NYSE:ABBV) is a biopharmaceutical company dedicated to discovering, developing, and commercializing innovative medicines and solutions that address complex health issues. It advances therapies in areas of immunology, oncology, neuroscience, and virology. While we acknowledge the potential of ABBV as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 11 Best Green Energy Penny Stocks to Buy Right Now and 10 Most Popular AI Penny Stocks to Buy According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey.
Mint
14-07-2025
- Business
- Mint
Sacrifices, trade-offs behind big win, says Glenmark's Saldanha
The road to drug discovery is long, arduous and littered with failure, but the payoff at the end makes it worth the trouble. It's a lesson that India's best pharmaceutical entrepreneurs knew all along. Yet, it took a Glenn Saldanha to prove it. 'We were always resilient in how we approached innovation. I think that's what finally rewarded us," Saldanha, chief executive officer and managing director of Glenmark Pharmaceuticals Ltd, told Mint in an exclusive interview. He was referring to one of the largest deals for an Indian biopharma firm after Glenmark's US-based unit Ichnos Glenmark Innovation (IGI) secured a $700-million exclusive licensing agreement with AbbVie for its blood cancer drug candidate last week. AbbVie will also pay as much as $1.23 billion as various milestones are completed, as well as tiered, double-digit royalties on net sales. ISB 2001, the investigational drug to treat multiple myeloma, is in phase-1 clinical trials and has shown promising data. In a trial with 35 patients who had exhausted all existing lines of therapy unsuccessfully, 79% showed a clinical response to it, and 30% were cancer-free. 'I hope this acts as a catalyst to expanding the innovation landscape in India…we've demonstrated that you can do it," said Saldanha. Last bet ISB 2001, developed on IGI's proprietary BEAT platform, was the firm's last bet. 'There was no plan B," said Saldanha. 'This was pretty much the end of the road. At this point, the technology had to demonstrate that it worked…or we don't know what we would have done as the next thing." The drug had been in discovery over the last five years, while the company had been working on the BEAT platform for about a decade. There were three other assets that the company stopped developing. ISB 2001 has received both the US FDA Orphan Drug and Fast Track designations, highlighting its Orphan Drug designation is given to drugs treating rare diseases, while a fast track designation intends to expedite the development and review of drugs for treating serious conditions and fill unmet medical needs. Following the licensing agreement, AbbVie will take over further development for phase-2 and phase-3 trials before it can file for regulatory approval. The process would typically take four to five years. The market size for multiple myeloma is estimated to grow to $50 billion by 2030. Should the drug hit the markets in 2030, taking into account the tiered double-digit royalties, Glenmark stands to earn an additional $2.02 billion in royalties until 2041, according to research by brokerage Nuvama. The deal validates several aspects of Glenmark, including the strength of IGI's BEAT platform, the potential for ISB 2001 to treat relapsed/refractory multiple myeloma, and its commercial viability following successful clinical trials, said an 11 July note by Motilal Oswal analysts. 'Moreover, AbbVie has established itself as a diversified biopharma leader, combining scientific innovation with strong commercial execution. In oncology, the company has built a robust presence anchored by two cornerstone therapies: Imbruvica, a BTK inhibitor, and Venclexta, a BCL-2 inhibitor. These medicines have transformed the treatment landscape for chronic lymphocytic leukemia and other B-cell malignancies, generating multi-billion-dollar revenues and reinforcing AbbVie's reputation as a pioneer in hematologic cancer," the note added. Huge sacrifices, trade-offs Saldanha has bet on innovation since he took the reins of the company in the late 90s. A few years after Glenmark was listed in 2000, it established its first R&D centre for novel biologics research in Switzerland. Over the years, the company did a number of licensing deals with novel assets. In 2019, it spun off its R&D entity under a new company, Ichnos Sciences, which built on its proprietary BEAT bispecific platform. The two announced the creation of Ichnos Glenmark Innovation (IGI) in 2024. The company's focus on innovation created a lot of frustration for investors and stakeholders, Saldanha said. '[We were] bordering on being called eccentric," he said. The company also had to sell its stake in its active pharmaceutical ingredient (API) division, Glenmark Life Sciences, to pare its debt in 2023, which was approximately ₹4,500-4,600 crore. Glenmark sold 75% stake in the unit to industrial conglomerate Nirma for ₹5,650 crore. The company has made 'huge sacrifices, huge trade-offs," said Saldanha. With the GLS sale, the company had a choice to decide 'which end of the value chain we play", said Saldanha. 'Whether we play on this API stable end of the value chain, and generate revenues like that, or we play on the high end of the value chain, which is innovation." But innovation is not a cost game, he said. 'It's all about being able to understand where the therapy is going and how to come up with solutions." What's next for Glenmark? IGI spends about $70 million annually on new drug research. With the upfront payment it receives, it will be self-funded for the next three to four years, said Saldanha. The company will also look at rewarding shareholders with dividends. Apart from that, there are no immediate investment plans, said Saldanha. 'At least for the next year or two, we won't do anything. We'll just continue regrouping and trying to figure out strategically where we can further add value," he said. The deal is a big event for the company, which 'basically resets the whole agenda for the company", he said. 'We have to really reset and rethink how we want to see the company over the next five to ten years." ISB 2001's early success has validated the BEAT platform. 'We think we've now got it right with the technology…the idea is how can we exploit that technology much more effectively to add more products and do more," said Saldanha. The unit has another asset called ISB 2301, which is in late pre-clinical development and will go to the clinic next year. This drug will target solid tumours, said Saldanha. IGI also has a couple of other early-stage programs. '...over the next three, four years, we will exploit the technology as effectively as possible."
