Shares of Glenmark Prescription drugs Ltd surged 3% to the touch a day’s excessive of Rs 2,118 on ninth September, after the corporate introduced that its wholly owned subsidiary, Ichnos Glenmark Innovation (IGI), had obtained an upfront fee of $700 million from NYSE-listed AbbVie for a most cancers therapy molecule.
Glenmark Pharma stated the $700 million fee is a part of an unique world licensing settlement for IGI’s lead investigational molecule, ISB 2001. This settlement covers North America, Europe, Japan, and Higher China.
Earlier this 12 months, Ichnos Glenmark Innovation (IGI) and AbbVie signed the settlement for ISB 2001, a trispecific antibody for treating a number of myeloma. Beneath the deal, AbbVie holds unique rights to develop, manufacture, and commercialise the molecule in key world markets.
The pact consists of $700 million upfront, $1.225 billion in potential milestone funds, and tiered double-digit royalties on internet gross sales.
Glenmark’s Chairman and Managing Director, Glenn Saldanha, stated the deal has de-risked the corporate. It has made its R&D unit self-sufficient for the subsequent 3–4 years. He added that Glenmark has retained rights for rising markets, together with India, whereas monetising the asset by a partnership with a world pharma main.
At 1:27 PM, the shares of Glenmark Prescription drugs had been buying and selling 3.07% larger at Rs 2,114.80 on NSE.
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