Glenmark's Game-Changing Cancer Drug Deal with AbbVie
Glenmark Pharmaceuticals has signed a groundbreaking deal with AbbVie to commercialize its underdevelopment drug, ISB 2001, targeted at treating cancer and autoimmune diseases. This $2 billion deal grants AbbVie exclusive rights in several major markets, with Glenmark overseeing emerging markets. Glenmark will receive up to $1.225 billion in milestone payments.
- Country:
- India
In a landmark moment for the pharmaceutical industry, Glenmark Pharmaceuticals Ltd. announced a partnership with AbbVie to commercialize its underdevelopment drug, ISB 2001, in a deal exceeding $2 billion. This strategic collaboration marks one of the most significant transactions within the pharma sector.
ISB 2001, developed by Glenmark's innovation arm, is designed to treat cancer and autoimmune diseases. AbbVie gains exclusive rights for development, manufacturing, and commercialization in North America, Europe, Japan, and Greater China, while Glenmark will manage the drug's presence in emerging markets.
The agreement stipulates an initial payment of $700 million to Glenmark, with potential milestone payments up to $1.225 billion. Both companies aim to leverage their strengths in various regions to provide transformative medical solutions for patients worldwide, highlighting ISB 2001's promising potential in the oncology field.
(With inputs from agencies.)
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