Glenmark Pharmaceuticals Ltd on July 10 said its step-down wholly-owned subsidiary Ichnos Glenmark Innovation has signed an exclusive global licensing agreement with New York-based AbbVie for the former's investigational asset ISB 2001 for oncology and autoimmune diseases. ISB 2001 is currently in the first phase of clinical trials for patients suffering from relapsed or refractory multiple myeloma, the company said in an exchange filing.
Under the terms of agreement, AbbVie will get the exclusive right to develop, manufacture, and commercialise ISB 2001 across North America, Europe, Japan, and China while Glenmark Pharmaceuticals will develop, manufacture and lead commercialization of ISB 2001 across Emerging Markets including the rest of Asia, Latin America, the Russia/CIS region, the Middle East, Africa, Australia, New Zealand and South Korea.
The pact was signed by IGI Therapeutics SA, a wholly owned subsidiary of Ichnos Glenmark Innovation, Inc., which is a subsidiary of Glenmark Pharmaceuticals. IGI will get 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, it said in a statement.
The US Food and Drug Administration had granted ISB 2001 orphan drug designation in July 2003 and fast-track designation in May for the treatment of relapsed or refractory myeloma patients.
“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, M.D., Executive Vice-President, Research and Development and Chief Scientific Officer, AbbVie. “This partnership with IGI reflects our unwavering commitment to advancing novel therapies for patients with multiple myeloma, a disease where significant unmet need remains despite recent progress.”
“ISB 2001 exemplifies the potential of our BEAT® protein platform to generate effective multispecificsTM that may overcome resistance and improve outcomes in hard-to-treat cancers,” said Cyril Konto, M.D., President and CEO of IGI. "This agreement marks a defining milestone in IGI’s scientific journey and reflects our team’s deep commitment to delivering meaningful therapies for patients. Our partnership with AbbVie accelerates ISB 2001’s path to patients and sharpens our focus on advancing the next generation of BEAT®-enabled assets in oncology.”
On July 10, Glenmark Pharma shares closed 5.5% higher at Rs 1,919 apiece.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
