Glenmark Arm Inks $700-Million Licensing Deal With AbbVie For Cancer Drug

Glenmark Pharmaceuticals Ltd. on Thursday said its step-down wholly-owned unit Ichnos Glenmark Innovation has signed an exclusive global licensing agreement with US-based AbbVie for its investigational drug ISB 2001, currently in phase-1 trials for relapsed or refractory multiple myeloma.

Under the agreement, AbbVie will have exclusive rights to develop, manufacture, and commercialise ISB 2001 in North America, Europe, Japan, and China. The deal was signed through IGI Therapeutics SA, a wholly owned subsidiary of Ichnos Glenmark Innovation Inc., which is a subsidiary of Glenmark.

IGI will receive an upfront payment of $700 million and is eligible for up to $1.225 billion in milestone payments tied to development, regulatory, and commercial progress, as well as tiered, double-digit royalties on net sales, Glenmark said in an exchange filing.

The US FDA granted ISB 2001 orphan drug status in July 2003 and fast-track designation in May for treating relapsed or refractory myeloma patients.