Glenmark Pharmaceuticals Ltd announced that its step-down wholly-owned subsidiary, Ichnos Glenmark Innovation (IGI), has entered into an exclusive global licensing agreement with U.S.-based biopharma major AbbVie for its investigational oncology and autoimmune drug candidate, ISB 2001.
Currently in Phase 1 clinical trials for relapsed or refractory multiple myeloma, ISB 2001 is a cutting-edge multispecific antibody developed through IGI’s proprietary BEAT® protein platform.
Under the agreement, AbbVie will hold exclusive rights to develop, manufacture, and commercialize ISB 2001 across North America, Europe, Japan, and China. Meanwhile, Glenmark Pharmaceuticals will retain commercialization rights in Emerging Markets, including the rest of Asia, Latin America, Russia/CIS, the Middle East, Africa, Australia, New Zealand, and South Korea.
The agreement was executed by IGI Therapeutics SA, a fully owned subsidiary of Ichnos Glenmark Innovation, Inc. In return, IGI will receive:
An upfront payment of $700 million
Up to $1.225 billion in potential milestone payments (covering development, regulatory, and commercial milestones)
Tiered, double-digit royalties on net sales
ISB 2001 had previously been granted Orphan Drug Designation by the U.S. FDA in July 2023 and received Fast Track Designation in May 2025 for treating relapsed or refractory multiple myeloma.
“Multispecifics, including trispecific antibodies, represent a promising frontier in immuno-oncology. By targeting multiple pathways simultaneously, they hold the potential to deliver deeper and more sustained clinical responses,” said Dr. Roopal Thakkar, Executive Vice-President, R&D and Chief Scientific Officer at AbbVie. “Our collaboration with IGI underscores AbbVie’s dedication to advancing transformative therapies for patients with multiple myeloma—a disease still marked by substantial unmet medical need.”
Cyril Konto, M.D., President and CEO of IGI, added:
“ISB 2001 showcases the power of our BEAT® platform to create effective multispecific antibodies capable of overcoming treatment resistance. This collaboration with AbbVie is a landmark achievement for IGI and reflects our commitment to bringing novel therapies to patients. It also enables us to focus on progressing the next generation of BEAT®-enabled oncology assets.”
Following the announcement, Glenmark Pharma shares surged 10% to a record high, reflecting investor optimism over the scale and potential of this global licensing deal.