Glenmark gains 3% on $700 mn upfront payment from AbbVie licensing deal

Glenmark shares rose 3% after confirming receipt of $700 million from AbbVie under a global licensing deal for ISB 2001, with milestone payments of up to $1.2 billion

Shares of Glenmark Pharmaceuticals closed 3.10 per cent higher at Rs 2,116.25 on Tuesday after the company confirmed receipt of an upfront payment of $700 million (approximately Rs 6,000 crore) from US drugmaker AbbVie.

 

The funds come under an exclusive global licensing agreement for Ichnos Glenmark Innovation’s (IGI) lead investigational asset ISB 2001, covering key markets such as North America, Europe, Japan and Greater China.

 

The deal, announced in July, also includes potential milestone-based payments of up to $1.2 billion (around Rs 10,000 crore). ISB 2001, developed on IGI’s proprietary BEAT protein platform, is currently in Phase 1 human trials for relapsed or refractory myeloma and has been granted orphan drug and fast-track designations by the US Food and Drug Administration (FDA). Glenmark retains rights for India and other emerging markets.

 

Following today’s gain, Glenmark stock is trading close to its one-month high of Rs 2,119.9 (9 September 2025), recovering sharply from its two-week low of Rs 1,904 hit on 1 September. The stock had earlier touched a 52-week high of Rs 2,284.8 on 11 July after the AbbVie licensing deal was first announced.

 

Glenmark expects ISB 2001 to potentially transform the multiple myeloma treatment space, a segment projected to reach $50 billion by 2030. If clinical timelines stay on track, the molecule could take another four to five years to reach commercialisation. The asset will compete with therapies already launched by Pfizer and Johnson & Johnson in this category.

 

The company also said ISB 2001 is currently the only trispecific antibody of its kind in development, with clinical responses seen even in patients previously treated with BCMA CAR-T therapy. Glenmark maintains that trispecifics are one part of a broader therapeutic strategy and not a standalone solution.

 

The Rs 6,000 crore upfront payment from AbbVie will be channelled into expanding IGI’s investigational pipeline, while a portion may also be distributed as dividends to Glenmark shareholders.