Glenmark subsidiary gets $700 Million in licensing deal; stock gains

9 Sep 2025 , 02:31 PM

Glenmark Pharma announced that its wholly owned subsidiary, Ichnos Glenmark Innovation (IGI) has secured an upfront payment of $700 million from NYSE-listed AbbVie. This payment is made for a molecule used in cancer treatment.

Following this development, the company’s shares inched higher by over 2% in early trade on September 9.

At around 2.19 PM, Glenmark Pharma was trading 2.97% higher at ₹2,112.90 per piece, against the previous close of ₹2,051.90 on NSE. The counter touched an intraday high and low of ₹2,119.90, and ₹2,062, respectively.

Glenmark Pharma announced in its filing that this payment is in accordance with the agreed contractual terms and is made towards an exclusive licensing pact for IGI’s lead molecule – ISB 2001.

Earlier this year, Ichnos Glenmark Innovation (IGI) and AbbVie also inked an exclusive Global Licensing Pact for ISB 2001, which is a Trispecific Antibody for Multiple Myeloma.

As per the terms of stated agreement for an Indian biotech player, AbbVie has specific rights for the development, manufacturing, and commercialization of ISB 2001 in North America, Europe, Japan, and Greater China.

As per the details available, the global licensing agreement includes $700 Million as upfront payment and $1.225 Billion in milestones. In addition to this, the company will also receive, tiered, double-digit royalties on net sales.

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