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2mo ago

Glenmark Stock Hits Record High on $700 Million AbbVie Cancer Drug Deal

Brokerages boost forecasts as Glenmark deploys an upfront payment to accelerate oncology research.

Test tubes are seen in front of a displayed Abbvie logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
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Glenmark Pharma shares jump 10% to hit record high after cancer drug licensing deal with AbbVie

Overview

  • The agreement provides a $700 million upfront payment with up to $1.225 billion in milestone payments and tiered double-digit royalties for ISB-2001.
  • AbbVie secures exclusive rights to develop, manufacture and commercialize ISB-2001 in North America, Europe, Japan and Greater China, while Glenmark retains emerging-market rights.
  • ISB-2001 is a trispecific T-cell engager built on IGI’s BEAT® platform, currently in Phase 1 trials for relapsed or refractory multiple myeloma with FDA orphan and fast-track designations.
  • Glenmark shares jumped 10% on July 11 to a record ₹2,094.40 following the licensing announcement.
  • HSBC Global Research and Axis Capital raised their price targets to ₹2,275 and ₹2,300 respectively, while Nuvama maintained a neutral rating despite acknowledging the deal’s scale.