Overview

• Glenmark Specialty secured exclusive rights to develop and commercialize trastuzumab rezetecan in most countries, excluding mainland China, Hong Kong, Macao, Taiwan, the United States, Canada, Europe, Japan, Russia and several former Soviet republics.
• Glenmark will pay $18 million upfront with up to $1.093 billion in potential regulatory and commercial milestones, plus royalties on net sales in its territories.
• The Hengrui‑developed antibody‑drug conjugate won China approval in May for HER2‑mutated metastatic non‑small cell lung cancer, gained NMPA priority review for a breast‑cancer indication this month and received a US FDA Orphan Drug Designation in August for a gastric‑cancer combination regimen.
• Glenmark framed the collaboration as part of a strategy to build a differentiated oncology portfolio in high‑burden regions, while Hengrui said it is leveraging overseas partners to expand global access.
• Broker Nomura projected a FY29 launch in licensed emerging markets and estimated up to $60 million in development spending by Glenmark, maintaining a Neutral view with about 26% downside risk.