Glenmark Pharma Share Price: Shares of Glenmark Pharmaceuticals Ltd surged 10 per cent on Friday after the company announced that it has signed an up to USD 2 billion deal with AbbVie to commercialise its under-development drug for treating cancer and autoimmune diseases, in one of the biggest transactions in the pharma sector.
The stock rose 9.99 per cent to hit a fresh 52-week high and upper circuit limit of Rs 2,095.65 on the BSE.
On the NSE, the stock rose 10 per cent to Rs 2,094.40 – its fresh 52-week high and upper circuit limit.
Ichnos Glenmark Innovation, an arm of Glenmark Pharmaceuticals, has signed an agreement for its key investigational asset ‘ISB 2001’.
ISB 2001, intended for the treatment of cancer and autoimmune diseases, has been developed for oncology and autoimmune diseases using Ichnos Glenmark Innovation’s (IGI) proprietary ‘Beat Protein Platform’, Glenmark Pharmaceuticals said in a regulatory filing.
Under the agreement, IGI grants AbbVie exclusive rights for the global development, manufacturing and commercialisation of ISB 2001 in North America, Europe, Japan and Greater China.
On the other hand, Glenmark Pharmaceuticals will lead the development, manufacturing and commercialisation of ISB 2001 in emerging markets including the rest of Asia, Latin America, Russia/CIS region, Middle East, Africa, Australia, New Zealand and South Korea, the company said.
In a statement, IGI said, “Subject to regulatory approvals, IGI will receive an upfront payment of US$700 million and is eligible to receive up to US$1.225 billion in development, regulatory and commercial milestone payments, as well as double-digit royalties on net sales.”
