Glenmark Shares Skyrocket Following Landmark USD 2 Billion Pharma Deal

Glenmark Pharmaceuticals Ltd's shares soared over 14% after announcing a deal with AbbVie worth up to USD 2 billion. The agreement, involving the investigational drug ISB 2001 for cancer and autoimmune diseases, grants AbbVie exclusive rights in major markets, with Glenmark leading in emerging regions.

Glenmark Pharmaceuticals Ltd saw a significant boost in its share prices, increasing by 14.51% at the end of Friday's trading, following the announcement of an up to USD 2 billion agreement with AbbVie to advance its emerging drug, ISB 2001, for cancer and autoimmune diseases.

The deal, notable as one of the most substantial in the pharmaceutical industry, led Glenmark's stock to reach its 52-week peak of Rs 2,286.15 on the BSE, a 19.99% rise during the day. Similarly, on the NSE, shares escalated by 14.28% to touch Rs 2,284.80, marking a 20% increase.

This strategic alliance sees AbbVie gaining exclusive rights for the global development, manufacturing, and distribution of ISB 2001 across North America, Europe, Japan, and Greater China, while Glenmark will spearhead operations in developing markets. Upon regulatory approval, IGI stands to gain an upfront payment of USD 700 million, with additional potential earnings up to USD 1.225 billion in milestones and royalties.

(With inputs from agencies.)