Glenmark Pharma shares rise 3% as subsidiary bags $700 million upfront payment from AbbVie

“The payment is in accordance with the agreed contractual terms and is being made towards an exclusive global licensing agreement for IGI’s lead investigational asset, ISB 2001, across North America, Europe, Japan, and Greater China markets,” Glenmark said in a regulatory filing.

On July 10, 2025, 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 was expected to receive exclusive rights to develop, manufacture, and commercialise ISB 2001 across North America, Europe, Japan, and Greater China.

“…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,” the company had said in a statement on July 10.

Following the development, shares of Glenmark Pharma were trading at ₹2,109.70 apiece on the National Stock Exchange, gaining 2.82% at 11:38 AM.

Over the last five trading sessions, the pharma stock has climbed nearly 9%. For a month’s time it rose 3%.

Since March 10, 2025, a six-month period, Glenmark Pharma shares have zoomed over 50%. Year-to-date, it has jumped 31%.

The company has a market capitalisation of ₹59,411.74 crore.

The drugmaker had reported an 86% drop in consolidated profit after tax to ₹46.97 crore in the first quarter ended June 30, 2025, impacted by a provision for settling litigation in the US. The company had posted a consolidated profit after tax (PAT) of ₹340.24 crore in the corresponding period of the last fiscal.

Its consolidated total revenue from operations in the first quarter stood at ₹3,264.44 crore as against ₹3,244.19 crore in the same period a year ago, it added.

Total expenses in the quarter under review were marginally higher at ₹2,872.07 crore as compared to ₹2,813.34 crore in the year-ago period.

The company said sales from the formulation business in India in Q1FY26 were at ₹1,239.9 crore as against ₹1,196.2 crore in the corresponding quarter last fiscal.