Glenmark Shares Climb as Subsidiary Secures $700M from AbbVie in Licensing Deal

rmaceuticals Ltd. saw its shares rise over 2% in early trading on September 9, 2025, after its wholly owned subsidiary, Ichnos Glenmark Innovation (IGI), received a $700 million upfront payment from NYSE-listed AbbVie. The payment is part of an exclusive global licensing agreement for IGI’s lead investigational molecule, ISB 2001, a trispecific antibody targeting multiple myeloma, announced earlier in 2025. The agreement grants AbbVie exclusive rights to develop, manufacture, and commercialize ISB 2001 in North America, Europe, Japan, and Greater China, while Glenmark retains rights for emerging markets, including India, Asia (excluding Japan and China), Latin America, Russia/CIS, the Middle East, Africa, Australia, New Zealand, and South Korea. In addition to the $700 million upfront, IGI is eligible for up to $1.225 billion in development, regulatory, and commercial milestone payments, along with tiered, double-digit royalties on net sales. ISB 2001, developed using IGI’s proprietary BEAT® protein platform, is currently in Phase 1 clinical trials for relapsed/refractory multiple myeloma. Data presented at the 2025 ASCO Annual Meeting showed a 79% overall response rate and a 30% complete response rate in heavily pretreated patients, earning it orphan drug designation (July 2023) and fast-track status (May 2025) from the US FDA.