Shares of Glenmark Pharmaceuticals Ltd (NSE: GLENMARK) soared 10 per cent to Rs 2,094.40 in morning trade on Thursday after the company announced its biggest-ever outlicensing deal with US pharma giant AbbVie Inc. The landmark agreement, valued at up to $1.93 billion, involves ISB 2001, a cutting-edge phase-1 biologic developed by Glenmark’s US-based biotech subsidiary, Ichnos Glenmark Innovation (IGI).
Deal Overview: $700 Million Upfront, Potential to Reach $1.93 Billion
Under the terms of the deal, AbbVie will pay $700 million upfront, with the remaining $1.23 billion linked to clinical, regulatory, and commercial milestones. AbbVie will take over global development, manufacturing, and commercialisation of ISB 2001 in major markets including North America, Europe, Japan, and Greater China. Glenmark will retain rights to the drug in India and other emerging markets, ensuring a broad footprint across both developed and developing economies.
“This asset is world-class; you don’t come across a world-class asset too often,” said Glenn Saldanha, Managing Director and CEO of Glenmark Pharmaceuticals, at a press briefing in Mumbai. “The deal value reflects the strength of early clinical data and ISB 2001’s potential to transform treatment for multiple myeloma.”
A Major Win for Indian Biotech
Industry experts hail the deal as a strategic validation of India’s innovation capabilities in high-end biotechnology. Glenmark, traditionally known for generics, is now firmly positioned as a key innovator in oncology drug discovery, while AbbVie gains a promising new asset to expand its immuno-oncology pipeline.
What is ISB 2001?
ISB 2001 is part of an emerging class of T-cell engaging bispecific antibodies aimed at treating multiple myeloma, a type of blood cancer. The drug works by redirecting immune cells to destroy cancer cells, a cutting-edge approach gaining global traction in oncology circles.
What’s Next?
The companies will now focus on regulatory clearances. While IGI continues early-stage trials, later-stage development and global rollout will be led by AbbVie. Glenmark’s rights in emerging markets will ensure it continues to play a significant role in ISB 2001’s commercial journey.
