Glenmark Pharmaceuticals Limited has informed the Exchange regarding a press release dated July 10, 2025, titled "Ichnos Glenmark Innovation (IGI) and AbbVie Announce Exclusive Global Licensing Agreement for ISB 2001, a First-in-Class CD38×BCMA×CD3 Trispecific Antibody".
GLENMARK · price
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Glenmark's step-down subsidiary Ichnos Glenmark Innovation (IGI) has signed an exclusive global licensing deal with AbbVie for ISB 2001, a first-in-class trispecific antibody in Phase 1 trials for relapsed/refractory multiple myeloma. Under the deal, AbbVie gets exclusive rights to develop, manufacture, and commercialize the drug in North America, Europe, Japan, and Greater China. IGI will receive a $700 million upfront payment, up to $1.225 billion in future milestone payments, and tiered double-digit royalties on net sales. The drug recently showed a 79% overall response rate and 30% complete response rate in heavily pretreated patients at ASCO 2025, and holds FDA Orphan Drug and Fast Track designations.
This is a major value-creating event for Glenmark shareholders. The $700 million upfront cash inflow strengthens the balance sheet significantly, while the potential $1.225 billion in milestones plus ongoing royalties could materially boost long-term earnings. The deal with a global pharma major like AbbVie also validates Glenmark's proprietary BEAT antibody platform.