New Delhi, Jul 10 (PTI) Glenmark Pharmaceuticals Ltd on Thursday said it has signed a deal with AbbVie to commmercialise its underdevelopment drug aimed to treat cancer and autoimmune diseases in an up to USD 2 billion deal, one of the largest transactions in the pharma sector.
Glenmark Pharmaceuticals' arm Ichnos Glenmark Innovation has signed the deal for its lead investigational asset 'ISB 2001'.
ISB 2001, targeted for treatment of cancer and autoimmune diseases, has been developed using Ichnos Glenmark Innovation's (IGI) proprietary 'BEAT protein platform' for oncology and autoimmune diseases, Glenmark Pharmaceuticals said in a regulatory filing.
Under the agreement, IGI grants AbbVie exclusive rights to globally develop, manufacture, and commercialise ISB 2001 across North America, Europe, Japan, and Greater China.
On the other hand, Glenmark Pharmaceuticals will develop, manufacture and lead commercialisation of ISB 2001 across emerging markets, including the rest of Asia, Latin America, the Russia/CIS region, the Middle East, Africa, Australia, New Zealand and South Korea, the company said.
"Subject to regulatory clearance, IGI will receive an upfront payment of USD 700 million and is eligible to receive up to USD 1.225 billion in development, regulatory, and commercial milestone payments, along with tiered, double-digit royalties on net sales," IGI said in a statement.
Commenting on the pact, IGI MD, President, Executive Director and CEO Cyril Konto said, "Our collaboration with AbbVie and Glenmark reflects IGI's mission to accelerate access to transformative multispecific sTM for patients worldwide. AbbVie's reach in major markets combined with Glenmark's commercial strength in emerging markets creates complementary access pathways for ISB 2001, a trispecific T-cell engager with promising potential in multiple myeloma."
Glenmark Pharmaceuticals President - Europe and Emerging Markets, Christoph Stoller, said, "The addition of 'ISB 2001' is a natural evolution of our oncology strategy."
AbbVie Executive Vice-President, Research and Development and Chief Scientific Officer, Roopal Thakkar said," This partnership with IGI reflects our unwavering commitment to advancing novel therapies for patients with multiple myeloma, a disease where significant unmet need remains despite recent progress."