Glenmark shares soar on $700 million AbbVie upfront payment
Glenmark Pharmaceuticals's shares got a 2% boost, hitting ₹2,089 after its subsidiary received a $700 million upfront payment from pharma giant AbbVie.
The deal gives AbbVie exclusive rights to ISB 2001, a new drug targeting rare blood cancer, in North America, Europe, Japan, and Greater China.
Glenmark to manage emerging markets
This agreement covers major markets like North America, Europe, Japan, and Greater China, while Glenmark will handle emerging regions such as Asia and Latin America.
Even though Glenmark's Q1 FY26 profit dropped sharply compared to last year (₹46.87 crore vs ₹340.27 crore), investors are optimistic—shares were up by 1.65% by the morning.
Plus, with the potential for another $1.2 billion in milestone payments and royalties down the line, this could mean bigger things ahead for Glenmark's future growth.