Glenmark Pharma's subsidiary Ichnos Glenmark Innovation has secured a $700 million upfront payment from AbbVie for the exclusive licensing agreement of its cancer treatment molecule, ISB 2001.
Information on the Target
Glenmark Pharma, a key player in the pharmaceutical sector, has announced that its wholly owned subsidiary, Ichnos Glenmark Innovation (IGI), has received an upfront payment of $700 million from AbbVie, a prominent NYSE-listed biopharmaceutical company. This payment pertains to IGI's lead molecule, ISB 2001, which is being developed for cancer treatment, specifically targeting multiple myeloma.
The strategic partnership solidifies the collaboration between Glenmark and AbbVie, enabling further advancements in the clinical development of ISB 2001. The exclusive licensing pact signifies confidence in the potential efficacy of this trispecific antibody, intending to enhance treatment outcomes for patients suffering from this aggressive form of cancer.
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AbbVie
invested in
Ichnos Glenmark Innovation (IGI)
in 2023
in a Other deal
Disclosed details
Transaction Size: $700M