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Glenmark Pharma’s subsidiary, Ichnos Glenmark Innovation (IGI), has bagged a massive $700 million upfront payment from US-listed AbbVie for its lead cancer molecule ISB 2001. The update sent Glenmark shares up over 3%.
The deets: ISB 2001 is a trispecific antibody being developed for multiple myeloma, a form of blood cancer.
Under the exclusive global licensing deal, AbbVie gets rights to develop, manufacture, and commercialise the molecule across North America, Europe, Japan, and Greater China. The agreement includes $1.225 billion in potential milestone payments plus tiered, double-digit royalties on net sales.
Why it matters: this is one of the biggest licensing deals by an Indian biotech player. It gives Glenmark validation on its R&D and a strong global partner to take ISB 2001 through the costly and risky late-stage clinical trials.
The cash infusion makes IGI self-sufficient for the next 3–4 years. The company has effectively de-risked its R&D bet by monetising part of the asset while retaining rights for emerging markets like India.
Big theme: cancer therapies are among the most lucrative areas in global pharma, with the oncology market projected to cross $375 billion by 2030. For Glenmark, ISB 2001 could be its ticket into the big leagues.
