Glenmark Pharma hits 10% upper circuit, scales fresh 52-week high on $700 mn cancer drug deal

Glenmark Pharmaceuticals shares surged 10% to hit the upper circuit and a new 52-week high of Rs 2,095.65 on BSE on Friday, after its step-down, wholly owned subsidiary, Ichnos Glenmark Innovation (IGI), signed an exclusive global licensing agreement with US-based AbbVie for its experimental cancer drug, ISB 2001.

ISB 2001, currently in Phase 1 clinical trials for relapsed or refractory multiple myeloma, will be jointly developed under the agreement. AbbVie will hold exclusive rights to develop, manufacture, and commercialise the drug in North America, Europe, Japan, and China. Glenmark will retain rights for emerging markets, including Asia (excluding Japan and China), Latin America, Russia/CIS, the Middle East, Africa, Australia, New Zealand, and South Korea.

Under the agreement, IGI Therapeutics SA — a subsidiary of Ichnos Glenmark Innovation — will receive a $700 million upfront payment and is eligible for up to $1.225 billion in milestone payments, along with tiered, double-digit royalties on net sales.


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The US FDA granted ISB 2001 orphan drug designation in July 2023 and fast-track status in May 2025 for the treatment of relapsed or refractory multiple myeloma.

"Multispecifics like trispecific antibodies represent a new frontier in immuno-oncology," said Roopal Thakkar, EVP and CSO at AbbVie. "This partnership reflects our commitment to advancing novel therapies for patients with multiple myeloma, where unmet needs remain."

Cyril Konto, MD, President and CEO of IGI, said, “This agreement marks a defining milestone in IGI’s journey. Our partnership with AbbVie accelerates ISB 2001’s path to patients and strengthens our focus on the next generation of BEAT®-enabled assets.”

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