Shares of Glenmark Pharmaceuticals Ltd surged 3% to touch a day’s high of Rs 2,118 on 9th September, after the company announced that its wholly owned subsidiary, Ichnos Glenmark Innovation (IGI), had received an upfront payment of $700 million from NYSE-listed AbbVie for a cancer treatment molecule.

Glenmark Pharma said the $700 million payment is part of an exclusive global licensing agreement for IGI’s lead investigational molecule, ISB 2001. This agreement covers North America, Europe, Japan, and Greater China.

Earlier this year, Ichnos Glenmark Innovation (IGI) and AbbVie signed the agreement for ISB 2001, a trispecific antibody for treating multiple myeloma. Under the deal, AbbVie holds exclusive rights to develop, manufacture, and commercialise the molecule in key global markets.

The pact includes $700 million upfront, $1.225 billion in potential milestone payments, and tiered double-digit royalties on net sales.

Glenmark’s Chairman and Managing Director, Glenn Saldanha, said the deal has de-risked the company. It has made its R&D unit self-sufficient for the next 3–4 years. He added that Glenmark has retained rights for emerging markets, including India, while monetising the asset through a partnership with a global pharma major.

At 1:27 PM, the shares of Glenmark Pharmaceuticals were trading 3.07% higher at Rs 2,114.80 on NSE.

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