Glenmark Pharma's shares soar following major licensing deal
Glenmark Pharma's stock jumped 10% after its subsidiary, Ichnos Glenmark Innovation (IGI), struck a big licensing deal with pharma giant AbbVie.
The agreement centers on ISB 2001, an early-stage drug for multiple myeloma—a tough type of blood cancer.
AbbVie now has exclusive rights to develop and sell the drug in North America, Europe, Japan, and China.
Deal could be worth over $2 billion for Glenmark
This is a huge financial win for Glenmark: they get $700 million upfront from AbbVie, plus possible milestone payments and royalties that could reach another $1.2 billion.
IGI still keeps the rights to sell in emerging markets like much of Asia, Latin America, Africa, and more.
ISB 2001 is a next-gen cancer drug
ISB 2001 is a next-gen antibody that targets three different cancer markers at once—pretty cutting-edge stuff.
Early trials show a promising 79% response rate. It's already landed "orphan drug" and fast-track tags from the FDA.
No wonder Glenmark's shares are up over 50% this year—investors are clearly excited about their bold R&D moves with partners like AbbVie.