Mumbai-based Glenmark Pharmaceuticals Ltd, innovator of new drug molecules, has entered into cancer treatment space with its latest discovery of a new drug molecule.
Glenmark Pharmaceuticals SA, its Switzerland-based research unit, has initiated studies of a novel clinical development candidate-GBR 1302-discovered and developed by its biologics research centre.
Glenmark is expected to start clinical studies for the drug during this fiscal year. Similar to other molecules, Glenmark plans to outlicense this oncology molecule to multinational players. Earlier, Glenmark had outlicensed its drug molecules in therapeutic areas of diabetes and pain management companies like Forest Laboratories, Merck KgaA and Sanofi.
Glenmark Pharmaceuticals rose 4.1% to touch a 52-week high of Rs 749.05 intraday on BSE after the announcement was made. Shares were closed at Rs 722.35, up by 0.40%.
According to company statement, GBR 1302 is based on Glenmark's innovative BEAT antibody technology platform which facilitates the efficient development and manufacture of antibodies with dual specificities, so-called bispecific antibodies.
"GBR 1302 is significant for Glenmark on multiple levels as it is our first bispecific antibody, it represents the entry of Glenmark into the oncology innovator space, which has a huge commercial potential," said Michael Buschle, chief scientific officer and president, biologics, Glenmark Pharmaceuticals.