Glenmark Pharma Rises as AbbVie Pays $700 Million Upfront for Cancer Molecule Licensing Deal

Glenmark Pharma shares gained over 2% in early trade on September 9 after its wholly owned subsidiary, Ichnos Glenmark Innovation (IGI), received an upfront payment of $700 million 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 for Multiple Myeloma, across North America, Europe, Japan, and Greater China markets. The landmark deal, earlier announced this year, makes AbbVie the exclusive partner for development, manufacturing, and commercialization of ISB 2001 in these regions. The agreement also includes $1.225 billion in milestone payments and tiered double-digit royalties on net sales, marking a first-of-its-kind licensing deal for an Indian biotech player. Glenmark Chairman & MD Glenn Saldanha said the partnership has “de-risked” the company’s R&D unit, making it self-sustaining for the next 3–4 years, while retaining rights for emerging markets, including India. With this deal, Glenmark strengthens its position as India’s 11th largest pharma company by market capitalization and continues to expand its global innovation footprint. #GlenmarkPharma #AbbVieDeal #CancerTreatment #PharmaNews #ISB2001 #Biotech #StockMarket