It’s a new era for Glenmark Pharma!

Shares of the pharma company surged over 14% today following the company’s announcement that its subsidiary Ichnos Glenmark Innovation (IGI) has signed an exclusive licensing agreement with AbbVie.

This licensing deal is for the subsidiary’s lead investigational asset – ISB 2001 – for use in oncology and autoimmune diseases.

Glenmark Share Price Performance

Licensing Deal Details

Under the agreement, AbbVie will receive exclusive rights to develop, manufacture, and commercialize ISB-2001 across key developed markets, including North America, Europe, Japan, and Greater China.

Meanwhile, Glenmark will retain the rights to develop, manufacture, and sell in emerging markets.

Glenmark’s subsidiary will receive an upfront payment of $700 million from AbbVie. Additionally, Glenmark is also eligible to earn up to $1.2 billion through achievement-based development, regulatory, and commercial milestone payments. IGI will also receive royalties on sales generated by AbbVie.

Snapshot of Licensed Deal

Aspect	Details
Drug	ISB-2001
Developed Markets	AbbVie gets exclusive rights (North America, Europe, Japan, Greater China)
Emerging Markets	Glenmark retains rights
Upfront Payment	$700 million to Glenmark’s subsidiary
Milestone Payments	Up to $1.2 billion (development, regulatory, and commercial milestones)
Royalties	Glenmark to receive royalties on AbbVie’s sales

The ISB-2001 is an experimental cancer drug designed to treat multiple myeloma (a type of blood cancer) by helping the immune system attack cancer cells more effectively. 

It targets two cancer markers instead of one, making it harder for the cancer to resist treatment — and early results show it may work better than current options.

Note that this deal ranks as the fourth-largest deal in the pharma sector based on the size of the upfront payment.

Licensed Deals with Upfront Payments

Source: Motilal Oswal

About Glenmark Pharma

Glenmark Pharma is engaged in developing pharmaceutical product formulation and active pharmaceutical ingredients in regulated and semi-regulated markets. The company has several molecules in the areas of oncology, respiratory, and dermatology.

Its branded generics business has a significant presence in markets across emerging economies, including India.

Glenmark Pharma Revenue Contribution (FY25 Revenue Rs 13,322 Cr.)

Source: Investor Presentation

Financial Snapshot

For FY25, Glenmark posted a 12.8% jump in its consolidated revenues while it also turned to profit this year, following a loss in FY24 owing to declining sales in the US.

Financial Highlights

Particulars	FY24	FY25	Growth (%)
Revenue	11,813	13,322	13%
EBITDA	1,195	2,351	97%
EBITDA Margin (%)	10%	18%	–
Net Profit	-1,434	1,047	–

Source: Investor Presentation

Outlook

The recent deal with AbbVie is a strong boost for Glenmark. It shows confidence in their BEAT protein platform, highlights the potential of ISB-2001 in treating difficult cases of multiple myeloma, and confirms its commercial promise if trials go well. 

AbbVie’s involvement adds further credibility, given its success in launching cancer drugs like Imbruvica and Venclexta, both of which have changed how blood cancers are treated and generated billions in revenue.

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