Latest news with #ISB2001
Yahoo
18 hours ago
- Business
- Yahoo
AbbVie (ABBV) Strengthens Pays $700M to Strengthen Oncology Portfolio with ISB 2001
AbbVie Inc. (NYSE:ABBV) is one of Goldman Sachs' top healthcare stock picks. On July 10, the stock jumped 3.4% on the confirmation of an exclusive licensing deal with IGI Therapeutics. The agreement is for lead asset ISB 2001, which targets oncology and autoimmune diseases. Under the terms of the agreement, AbbVie has secured rights to develop, manufacture, and commercialize the treatment option across North America, Europe, Japan, and Greater China. In return, the company is to pay $700 million to IGI Therapeutics to secure the rights. 'Multispecifics including trispecific antibodies represent a new frontier in immuno-oncology with the potential to deliver deeper, more durable responses by engaging multiple targets simultaneously,' said Roopal Thakkar, M.D., executive vice president of research and development and chief scientific officer at AbbVie. While the company will also incur milestone payments totaling $1.225 billion, the acquisition is poised to bolster its pipeline of drugs. The acquisition of ISB 2001 rights paves the way for AbbVie to expand and strengthen its oncology portfolio. The asset has the potential to address unmet needs in the treatment of multiple myeloma. AbbVie Inc. (NYSE:ABBV) is a biopharmaceutical company dedicated to discovering, developing, and commercializing innovative medicines and solutions that address complex health issues. It advances therapies in areas of immunology, oncology, neuroscience, and virology. While we acknowledge the potential of ABBV as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 11 Best Green Energy Penny Stocks to Buy Right Now and 10 Most Popular AI Penny Stocks to Buy According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey.
Mint
2 days ago
- Business
- Mint
Sacrifices, trade-offs behind big win, says Glenmark's Saldanha
The road to drug discovery is long, arduous and littered with failure, but the payoff at the end makes it worth the trouble. It's a lesson that India's best pharmaceutical entrepreneurs knew all along. Yet, it took a Glenn Saldanha to prove it. 'We were always resilient in how we approached innovation. I think that's what finally rewarded us," Saldanha, chief executive officer and managing director of Glenmark Pharmaceuticals Ltd, told Mint in an exclusive interview. He was referring to one of the largest deals for an Indian biopharma firm after Glenmark's US-based unit Ichnos Glenmark Innovation (IGI) secured a $700-million exclusive licensing agreement with AbbVie for its blood cancer drug candidate last week. AbbVie will also pay as much as $1.23 billion as various milestones are completed, as well as tiered, double-digit royalties on net sales. ISB 2001, the investigational drug to treat multiple myeloma, is in phase-1 clinical trials and has shown promising data. In a trial with 35 patients who had exhausted all existing lines of therapy unsuccessfully, 79% showed a clinical response to it, and 30% were cancer-free. 'I hope this acts as a catalyst to expanding the innovation landscape in India…we've demonstrated that you can do it," said Saldanha. Last bet ISB 2001, developed on IGI's proprietary BEAT platform, was the firm's last bet. 'There was no plan B," said Saldanha. 'This was pretty much the end of the road. At this point, the technology had to demonstrate that it worked…or we don't know what we would have done as the next thing." The drug had been in discovery over the last five years, while the company had been working on the BEAT platform for about a decade. There were three other assets that the company stopped developing. ISB 2001 has received both the US FDA Orphan Drug and Fast Track designations, highlighting its Orphan Drug designation is given to drugs treating rare diseases, while a fast track designation intends to expedite the development and review of drugs for treating serious conditions and fill unmet medical needs. Following the licensing agreement, AbbVie will take over further development for phase-2 and phase-3 trials before it can file for regulatory approval. The process would typically take four to five years. The market size for multiple myeloma is estimated to grow to $50 billion by 2030. Should the drug hit the markets in 2030, taking into account the tiered double-digit royalties, Glenmark stands to earn an additional $2.02 billion in royalties until 2041, according to research by brokerage Nuvama. The deal validates several aspects of Glenmark, including the strength of IGI's BEAT platform, the potential for ISB 2001 to treat relapsed/refractory multiple myeloma, and its commercial viability following successful clinical trials, said an 11 July note by Motilal Oswal analysts. 'Moreover, AbbVie has established itself as a diversified biopharma leader, combining scientific innovation with strong commercial execution. In oncology, the company has built a robust presence anchored by two cornerstone therapies: Imbruvica, a BTK inhibitor, and Venclexta, a BCL-2 inhibitor. These medicines have transformed the treatment landscape for chronic lymphocytic leukemia and other B-cell malignancies, generating multi-billion-dollar revenues and reinforcing AbbVie's reputation as a pioneer in hematologic cancer," the note added. Huge sacrifices, trade-offs Saldanha has bet on innovation since he took the reins of the company in the late 90s. A few years after Glenmark was listed in 2000, it established its first R&D centre for novel biologics research in Switzerland. Over the years, the company did a number of licensing deals with novel assets. In 2019, it spun off its R&D entity under a new company, Ichnos Sciences, which built on its proprietary BEAT bispecific platform. The two announced the creation of Ichnos Glenmark Innovation (IGI) in 2024. The company's focus on innovation created a lot of frustration for investors and stakeholders, Saldanha said. '[We were] bordering on being called eccentric," he said. The company also had to sell its stake in its active pharmaceutical ingredient (API) division, Glenmark Life Sciences, to pare its debt in 2023, which was approximately ₹4,500-4,600 crore. Glenmark sold 75% stake in the unit to industrial conglomerate Nirma for ₹5,650 crore. The company has made 'huge sacrifices, huge trade-offs," said Saldanha. With the GLS sale, the company had a choice to decide 'which end of the value chain we play", said Saldanha. 'Whether we play on this API stable end of the value chain, and generate revenues like that, or we play on the high end of the value chain, which is innovation." But innovation is not a cost game, he said. 'It's all about being able to understand where the therapy is going and how to come up with solutions." What's next for Glenmark? IGI spends about $70 million annually on new drug research. With the upfront payment it receives, it will be self-funded for the next three to four years, said Saldanha. The company will also look at rewarding shareholders with dividends. Apart from that, there are no immediate investment plans, said Saldanha. 'At least for the next year or two, we won't do anything. We'll just continue regrouping and trying to figure out strategically where we can further add value," he said. The deal is a big event for the company, which 'basically resets the whole agenda for the company", he said. 'We have to really reset and rethink how we want to see the company over the next five to ten years." ISB 2001's early success has validated the BEAT platform. 'We think we've now got it right with the technology…the idea is how can we exploit that technology much more effectively to add more products and do more," said Saldanha. The unit has another asset called ISB 2301, which is in late pre-clinical development and will go to the clinic next year. This drug will target solid tumours, said Saldanha. IGI also has a couple of other early-stage programs. '...over the next three, four years, we will exploit the technology as effectively as possible."
Business Upturn
2 days ago
- Business
- Business Upturn
HSBC raises Glenmark Pharma share price target to Rs 2,275 on $1.9 billion AbbVie licensing deal
By Markets Desk Published on July 14, 2025, 07:41 IST HSBC bullish on Glenmark Pharmaceuticals with a 'Buy' rating and has raised its target price to ₹2,275 per share, citing the company's landmark out-licensing deal with global biopharma major AbbVie for its oncology candidate ISB 2001. The agreement will see Glenmark receive an upfront payment of $700 million from AbbVie, with the potential to earn up to $1.225 billion in milestone payments. The deal also includes tiered double-digit royalties on future commercial sales of ISB 2001, a potential first-in-class targeted protein degrader for relapsed and refractory multiple myeloma. According to HSBC, the transaction is highly value-accretive and could translate into a potential net present value (NPV) of ₹320 per share for Glenmark. 'This deal validates Glenmark's research capabilities and opens up a significant non-linear earnings opportunity. It also reinforces the value of Glenmark's R&D pipeline, which could attract more strategic interest going forward,' the brokerage noted. The stock has seen renewed investor interest after the deal announcement, with analysts viewing it as a critical step in Glenmark's transformation from a generic-driven to an innovation-led pharmaceutical company. Ahmedabad Plane Crash Markets Desk at
Time of India
5 days ago
- Business
- Time of India
Glenmark Pharmaceuticals shares rally up to 20%, mutual funds lead the charge over retail investors
The shares of Glenmark Pharmaceuticals surged 20% on Friday, July 11, to a day's high of Rs 2,286 following a landmark $2 billion licensing deal with U.S. pharma giant AbbVie for its cancer drug, ISB 2001. While the announcement caught the attention of retail investors, the real winners were India's top mutual funds . pradee According to the data on BSE, mutual fund holdings in Glenmark Pharma rose from 9.11% in June 2023 to 14.60% by March 2025 (the last available data). Best MF to invest Looking for the best mutual funds to invest? Here are our recommendations. View Details » by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Live by the Beach at Sunteck's 2/3BHK Homes starts @₹98L+ Sunteck Realty Learn More Undo Also Read | Investors' pour Rs 47,000 crore in midcap & smallcap mutual funds in H1 CY25. What are they really chasing? Promoters hold around 46% and FIIs hold around 23.16% as on March 2025, according to the last available data on BSE. Public shareholding data shows that the retail investors' holding has declined from 9.99% in June 2023 to 7.69% in March 2025 (individual shareholders holding nominal share capital up to Rs 2 lakh) Live Events According to the last available data, Prashant Jain's 3P India Equity Fund held nearly 1.02% in Glenmark, while Ashish Dhawan held 1.77% in this stock. Mutual funds holding Mutual funds had around 4.16 crore shares of Glenmark Pharmaceuticals in May worth Rs 6,072 crore. Around 27 mutual fund houses had this stock in their portfolio as on May 31, 2025. Out of 27 AMCs, HDFC Mutual Fund and Mirae Asset Mutual Fund had the highest number of shares in their respective portfolios. HDFC Mutual Fund had around 1.27 crore shares of Glenmark Pharmaceuticals worth Rs 1,863 crore in May followed by Mirae Asset Mutual Fund which had 1.01 crore shares of this stock worth Rs 1,473 crore. Around 13 funds from HDFC Mutual Fund had this stock in their portfolio, of which HDFC Mid Cap Fund had the highest number of shares of around 87.78 lakh worth Rs 1,279 crore, followed by HDFC Manufacturing Fund which had 12 lakh shares of this stock worth Rs 174 crore. Around 17 funds from Mirae Asset Mutual Fund had exposure in this stock with Mirae Asset Large & Midcap Fund having the highest number of shares of 33.13 lakh worth Rs 482 crore. Mirae Asset Nifty Total Market Index Fund had the lowest number of shares of 319 in its portfolio. Also Read | How much money did ICICI Prudential's star fund manager Sankaran Naren make in FY25? Kotak Mutual Fund had 19.66 lakh shares of Glenmark Pharmaceuticals in its portfolio worth Rs 286 crore. Eight funds from the fund house had this stock in their portfolio and Kotak Arbitrage Fund had the highest number of shares of 13.48 lakh. SBI Mutual Fund , the largest mutual fund house based on assets managed, had 4.98 lakh shares of this stock worth Rs 72 crore, followed by Motilal Oswal Mutual Fund which had 2.49 lakh shares worth Rs 36.29 crore. PPFAS Mutual Fund had 3,575 shares in its portfolio worth Rs 0.52 crore. Angel One Mutual Fund and Unifi Mutual Fund which are new entrants in the mutual fund industry had around 453 and 325 shares of this stock in their respective portfolios. FII's holding According to the last available data, FII's holding showed a mixed trend. Smallcap World Fund, INC had 3.21% holding in this stock compared to 4.52% in June 2023. Government Pension Fund Global had 3.25% holding in March 2025 compared to 2.26% in June 2023. Ellipsis Partners LLC had 1.11% exposure in this stock compared to 1.68% in June 2023. Glenmark Pharmaceuticals step-down wholly owned subsidiary, Ichnos Glenmark Innovation (IGI), signed an exclusive global licensing agreement with US-based AbbVie for its experimental cancer drug, ISB 2001. ISB 2001, currently in Phase 1 clinical trials for relapsed or refractory multiple myeloma, will be jointly developed under the deal. AbbVie will hold exclusive rights to develop, manufacture, and commercialise the drug in North America, Europe, Japan, and China. Meanwhile, Glenmark will retain rights for Emerging Markets, including Asia (excluding Japan and China), Latin America, Russia/CIS, the Middle East, Africa, Australia, New Zealand, and South Korea. Under the agreement, IGI Therapeutics SA—a subsidiary of Ichnos Glenmark Innovation—will receive a $700 million upfront payment and is eligible for up to $1.225 billion in milestone payments, along with tiered, double-digit royalties on net sales.
Time of India
5 days ago
- Business
- Time of India
Glenmark Pharma shares rally 14% on AbbVie boost; analysts hike targets to Rs 2,800
Glenmark Pharmaceuticals ' 14% jump on Friday may still have a further 29% upside, as the stock finds itself in a sweet spot on technical charts, according to multiple market experts. They recommend a 'buy on dips' strategy, with a price target of up to Rs 2,800. The stock surged 20% in early trade to hit a lifetime high of Rs 2,284.80, before paring some gains as the session progressed. The rally was triggered after the company announced that its step-down, wholly owned subsidiary, Ichnos Glenmark Innovation (IGI), had signed an exclusive global licensing agreement with US-based AbbVie for its experimental cancer drug, ISB 2001. Commenting on the price action, Anuj Gupta, Director at Ya Wealth Global Research, said the stock appears poised for a continued rally. 'Strong technical structure supported by substantial volumes bodes well for further upside. We expect it to rise further, especially as the Trump tariff stance on pharma is seen as positive for US-based pharmaceutical brands,' he said. Live Events Gupta added that Glenmark has a significant presence in the US pharmaceutical market. In his view, Glenmark Pharma shares may test levels of Rs 2,600 to Rs 2,800 in the short term, implying a potential upside of 29% from the current level of Rs 2,172.80. He sees strong support at Rs 1,800 and recommends a buy-on-dips strategy. Nilesh Jain, Vice President – Equity Research (Technical and Derivatives) at Centrum Broking, echoed a similar sentiment, noting that the stock's structure remains positive on charts despite Friday's sharp rally. While he does not currently see an ideal risk-to-reward setup, he believes a near-term target of Rs 2,200 is achievable. The stock has emerged from a breakaway gap, Jain added — a technical pattern marked by a breakout accompanied by a wide price gap, often signaling the start of a strong uptrend. According to him, Rs 2,100 would be a more favourable level to enter the stock. Meanwhile, brokerage Motilal Oswal sees a 28% upside from Thursday's closing price of Rs 1,904 and has reiterated its 'Buy' rating on Glenmark Pharma. 'We assign a 27x 12-month forward earnings multiple to arrive at a sum-of-the-parts (SOTP) valuation of Rs 2,430,' the brokerage said, adding that the AbbVie deal signals a new era for the company. About ISB 2001 ISB 2001, currently in Phase 1 clinical trials for relapsed or refractory multiple myeloma, will be jointly developed under the agreement. AbbVie will hold exclusive rights to develop, manufacture, and commercialise the drug in North America, Europe, Japan, and China. Glenmark will retain rights for emerging markets, including Asia (excluding Japan and China), Latin America, Russia/CIS, the Middle East, Africa, Australia, New Zealand, and South Korea. Under the agreement, IGI Therapeutics SA — a subsidiary of Ichnos Glenmark Innovation — will receive a $700 million upfront payment and is eligible for up to $1.225 billion in milestone payments, along with tiered, double-digit royalties on net sales. The US FDA granted ISB 2001 orphan drug designation in July 2023 and fast-track status in May 2025 for treating relapsed or refractory multiple myeloma. 'Multispecifics like trispecific antibodies represent a new frontier in immuno-oncology,' said Roopal Thakkar, EVP and CSO at AbbVie. 'This partnership reflects our commitment to advancing novel therapies for patients with multiple myeloma, where unmet needs remain.' Cyril Konto, MD, President and CEO of IGI, added: 'This agreement marks a defining milestone in IGI's journey. Our partnership with AbbVie accelerates ISB 2001's path to patients and strengthens our focus on the next generation of BEAT®-enabled assets.'
