Glenmark subsidiary IGI inks $700-m deal on cancer drug candidate with multinational AbbVie

FILE PHOTO: Test tubes are seen in front of a displayed Abbvie logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
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Dado Ruvic

In an upshot for Indian innovation, drugmaker Glenmark Pharmaceutical’s wholly-owned subsidiary Ichnos Glenmark Innovation Inc (IGI) has signed an exclusive licensing agreement with US drugmaker AbbVie for IGI’s lead drug candidate ISB 2001 for an upfront payment of $700 million (estimated ₹6,000 crore).

The drug candidate is in Phase I clinical trials and has shown promising outcomes in patients with relapsed / refractory multiple myeloma. It was developed using New York-based IGI’s proprietary BEAT protein platform, for oncology and autoimmune diseases. All future development will be undertaken by AbbVie, and IGI could receive up to $1.225 billion in development, regulatory and commercial milestone payments, along with tiered, double-digit royalties on net sales.

Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Ltd

“This is a landmark for India,” said 55-year-old Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Ltd, on a deal that validates 25 years of research, “blood , sweat and tears,” he said. The deal “puts India on the global map”, and is pegged among the top three such global deals in the last couple of years, he added. Pointing out that it was “unparalleled in terms of innovation coming out of any Indian company,” he said, “the value is purely on the quality of the data”.  

Sales projection

The drug candidate can change the treatment landscape in multiple myeloma, he said, adding that the segment had drug majors like Johnson and Johnson and Pfizer, for example. Sales of drugs in this segment are projected at $50 billion in 2030, by when this drug is expected to be in the market. “We need more successes, every success will bring more attention to innovation in India. A deal of this magnitude should bring that attention,” he pointed out.

AbbVie has the rights to manufacture and commercialise ISB 2001 in most developed markets including the US, Europe, Canada, China and Japan, while IGI will give Glenmark Pharma rights to commercialise in India and all emerging markets, said Saldanha. There are no plans to invest the funds in any other activity except the business and rewarding shareholders, he said, adding that it would help sustain IGI at about $70 million, for the next three years.

“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,” said Roopal Thakkar, AbbVie Executive Vice-President, Research and Development and Chief Scientific Officer. Cyril Konto, President and IGI Chief Executive added,“ISB 2001 exemplifies the potential of our BEAT® protein platform to generate effective Multispecifics TM that may overcome resistance and improve outcomes in hard-to-treat cancers.”

Published on July 10, 2025