Glenmark Pharma shares surge after its U.S arm, AbbVie ink pact for investigational cancer drug

The share prices of Glenmark Pharmaceuticals surged 10% to ₹2,095.65 each, hitting the upper circuit in the process, as soon as markets opened on Friday (June 11, 2025) in the backdrop of an exclusive licensing agreement for investigational asset ISB 2001 between subsidiary Ichnos Glenmark Innovation Inc. (IGI) and NYSE-listed AbbVie.

A first-in-class CD38×BCMA×CD3 Trispecific Antibody, ISB 2001 is being developed for oncology and autoimmune diseases. It is currently in Phase 1 clinical trial in patients with relapsed/refractory multiple myeloma (R/R MM), Glenmark said on June 10 in a release on IGI Therapeutics SA, a wholly owned subsidiary of the New York-based IGI and AbbVie.

Under the terms of the agreement, AbbVie will receive exclusive rights to develop, manufacture, and commercialise ISB 2001 across North America, Europe, Japan and Greater China.

$2 billion deal

Subject to regulatory clearance, IGI will receive an upfront payment of $700 million and is eligible to receive up to $1.225 billion in development, regulatory, and commercial milestone payments, along with tiered, double-digit royalties on net sales, the company said.

“Multispecifics including trispecific antibodies represent a new frontier in immuno-oncology with the potential to deliver deeper, more durable responses by engaging multiple targets simultaneously,” said Roopal Thakkar, Executive Vice-President, Research and Development and Chief Scientific Officer, AbbVie.

“ISB 2001 exemplifies the potential of our BEAT protein platform to generate effective multispecifics that may overcome resistance and improve outcomes in hard-to-treat cancers,” said Cyril Konto, President and CEO of IGI.