Glenmark Pharma surged 10% after its subsidiary IGI signed a $700 million global licensing deal with AbbVie for cancer drug ISB 2001, while Indian markets dipped as weak TCS results dragged IT stocks despite gains in Hindustan Unilever.
Indian shares edged lower in early trade on Friday amid a slide in IT stocks following Tata Consultancy Services’ (TCS) Q1FY26 earnings.
The Nifty 50 fell 0.37% to 25,262 points, while the BSE Sensex lost 0.41% to 82,854.18 as of 10:13 a.m. IST.
Despite the turmoil in the market, one stock that stood out is Glenmark Pharmaceuticals (Glenmark Pharma). Glenmark Pharma shares surged 10% and hit the upper circuit during early trade on July 11, following the announcement of a major development.
The company revealed that its subsidiary has entered into an exclusive global licensing agreement with New York-headquartered AbbVie for its investigational drug candidate, ISB 2001.
Ichnos Glenmark Innovation (IGI), a wholly-owned subsidiary of Glenmark Pharmaceuticals, has announced a significant global licensing agreement with US-based AbbVie for its lead investigational drug, ISB 2001, a trispecific antibody developed using IGI’s proprietary BEAT® platform. This collaboration includes a clear division of responsibilities between the two pharmaceutical firms and Glenmark.
Under the agreement, AbbVie will hold exclusive rights to develop, manufacture, and commercialise ISB 2001 in North America, Europe, Japan, and Greater China. IGI is set to receive an upfront payment of $700 million, and may earn up to $1.225 billion in development, regulatory, and commercial milestone payments, in addition to tiered double-digit royalties on global net sales.
Meanwhile, Glenmark Pharmaceuticals will lead the development, manufacturing, and commercialisation of ISB 2001 in Emerging Markets, including the rest of Asia, Latin America, the Russia/CIS region, the Middle East, Africa, Australia, New Zealand, and South Korea.
ISB 2001 is a first-in-class trispecific T-cell engager targeting BCMA and CD38 on myeloma cells and CD3 on T cells. It is currently in Phase 1 trials for patients with relapsed/refractory multiple myeloma. At the ASCO 2025 Annual Meeting, early trial data showed a 79% overall response rate and 30% complete or stringent complete response rate in patients treated with active doses (≥50 µg/kg), with a favourable safety profile.
The drug received Orphan Drug Designation from the US FDA in July 2023 and Fast Track Designation in May 2025.
Both IGI and Glenmark emphasised the importance of this agreement in expanding access to cutting-edge cancer treatments across global markets. IGI will now focus on advancing its next generation of multispecific antibodies using its BEAT® platform, which is designed to improve stability, safety, and therapeutic efficacy over traditional bispecific formats.
This strategic collaboration marks a significant milestone in IGI’s growth and Glenmark’s continued expansion into global oncology markets.
Glenmark Pharmaceuticals share price locked in the 10% upper circuit on Friday as IGI and AbbVie Sign $700 Million Global Licensing Deal for ISB 2001 and Glenmark to Lead Emerging Markets Commercialisation. The stock is trading at its lifetime high and has generated significant returns in the short term as well as the long term.
Looking at the stock performance in the last 12 months, the stock has surged by 50.46% while on a year-to-date basis, the stock is up by 30.16%. In the longer period of time, the stock has delivered absolute 383% returns to its shareholders.
Glenmark Pharmaceuticals Ltd. is a research-led, global pharmaceutical company with a presence across Branded, Generics, and OTC segments, focusing on respiratory, dermatology, and oncology. The company operates in over 80 countries and has 11 manufacturing facilities across 4 continents. In 2023, Scrip 100 ranked Glenmark among the Top 100 biopharmaceutical companies by Pharmaceutical Sales, and in 2024, Generics Bulletin placed it in the Top 50 Generics and biosimilar companies by sales. Glenmark's Green House Gas (GHG) emission reduction targets were approved in 2023 by the Science Based Target initiative (SBTI), making it only the second pharmaceutical company in India to achieve this. Over the past decade, the organisation has positively impacted over 3.3 million lives through its CSR interventions.
3P India Equity Fund, backed by Prakash Jain, holds 1.02% and Ashish Dhawan holds 1.77% stake in Glenmark Pharmaceuticals Ltd. Ashish Dhawan is an Indian philanthropist and former private equity investor who co-founded and ran one of India's leading private equity funds, Chrysalis Capital.
Disclaimer: The article is for informational purposes only and not investment advice.
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