Motilal Oswal's research report on Glenmark Pharma
AbbVie partnership signals a new era for Glenmark Pharma (GNP) GNP’s subsidiary, Ichnos Glenmark Innovation (IGI), has signed an exclusive licensing agreement with AbbVie for its lead investigational asset, ISB-2001. The deal validates several aspects of GNP: a) the strength of IGI’s BEAT protein platform for oncology and auto-immune diseases; b) the potential of ISB-2001 to treat relapsed/refractory multiple myeloma; and c) the commercial viability of ISB-2001 following successful clinical trials and subsequent commercialization.
Outlook
Accordingly, we assign a 27x 12M forward earnings to arrive at an SOTP of INR 2,430. Reiterate BUY.
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