Glenmark Pharma shares retreat after jumping 20% to hit record high after landmark deal worth $700 million

However, the stock pared some gains, and when last seen, the scrip was trading at ₹2,155 on the NSE, up 13.18%.

Ichnos Glenmark Innovation (IGI) is an alliance between Ichnos Sciences Inc. and Glenmark Pharmaceuticals. IGI combines Ichnos’ research and development proficiencies in novel biologics with those of Glenmark’s in new small molecules to continue developing cutting-edge therapy solutions that treat haematological malignancies and solid tumours.

ISB 2001 is a first-in-class trispecific T-cell engager that targets BCMA and CD38 on myeloma cells and CD3 on T cells currently in Phase 1 for relapsed/refractory multiple myeloma.

In simple terms, ISB 2001 is a novel type of cancer drug that is used to treat multiple myeloma, a type of blood cancer. It is a trispecific antibody, meaning it can bind to three different targets on cancer cells and immune cells.

AbbVie is a global biopharmaceutical company that focuses on discovering and delivering innovative medicines and solutions to address complex health issues.

About the landmark deal

On Thursday, July 10, IGI Therapeutics SA, a wholly owned subsidiary of New York-based Ichnos Glenmark Innovation, Inc. (IGI), and AbbVie announced an exclusive licensing agreement for IGI’s lead investigational asset, ISB 2001, developed using IGI’s proprietary BEAT® protein platform, for oncology and autoimmune diseases.

Under the terms of the agreement, AbbVie will receive exclusive rights to develop, manufacture, and commercialise ISB 2001 across North America, Europe, Japan, and Greater China. Subject to regulatory clearance, IGI will receive an upfront payment of $700 million and is eligible to receive up to $1.225 billion in development, regulatory, and commercial milestone payments, along with tiered, double-digit royalties on net sales.

About the BEAT® Multispecific™ Platform

IGI’s proprietary BEAT® platform goes beyond traditional bispecific antibody approaches, addressing key engineering bottlenecks that have historically limited large-scale bispecific production.

What companies said

Roopal Thakkar, M.D., Executive Vice-President, Research and Development and Chief Scientific Officer, AbbVie, said, “Multispecifics, including trispecific antibodies, represent a new frontier in immuno-oncology with the potential to deliver deeper, more durable responses by engaging multiple targets simultaneously."

Thakkar added, “This partnership with IGI reflects our unwavering commitment to advancing novel therapies for patients with multiple myeloma, a disease where significant unmet need remains despite recent progress.”

Cyril Konto, M.D., President and CEO of IGI, said, “ISB 2001 exemplifies the potential of our BEAT® protein platform to generate effective multispecifics™ that may overcome resistance and improve outcomes in hard-to-treat cancers."

"This agreement marks a defining milestone in IGI’s scientific journey and reflects our team’s deep commitment to delivering meaningful therapies for patients. "Our partnership with AbbVie accelerates ISB 2001’s path to patients and sharpens our focus on advancing the next generation of BEAT®-enabled assets in oncology," Konto added.