Shares of Glenmark Pharmaceuticals were locked at a 10% upper circuit in early trade on Friday, July 11, to hit a fresh all-time high of ₹2,094 apiece. The rally followed the company’s announcement on Thursday that its innovation arm, Ichnos Glenmark Innovation (IGI), had signed an exclusive licensing agreement with AbbVie for IGI’s lead investigational asset, ISB 2001 for use in oncology and autoimmune diseases, thereby adding to the U.S. firm’s oncology portfolio.
Under the terms of the agreement, IGI partners with AbbVie and grants exclusive rights to globally develop, manufacture, and commercialize ISB 2001 across North America, Europe, Japan, and Greater China, while Glenmark Pharmaceuticals will develop, manufacture, and lead commercialization of ISB 2001 across emerging markets, including the rest of Asia, Latin America, the Russia/CIS region, the Middle East, Africa, Australia, New Zealand, and South Korea, as per the company’s exchange filing.
ISB 2001 is a unique trispecific T-cell engager that targets BCMA and CD38 on myeloma cells and CD3 on T cells, and it is currently being tested in Phase 1 clinical trials for multiple myeloma that has come back or does not respond to treatment.
Subject to regulatory clearance, IGI will receive an upfront payment of $700 million and is eligible to receive up to $1.225 billion in development, regulatory, and commercial milestone payments, along with tiered, double-digit royalties on net sales.
