Latest news with #IchnosGlenmarkInnovation
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.'
Economic Times
5 days ago
- Business
- Economic Times
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. ADVERTISEMENT 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 added that Glenmark has a significant presence in the US pharmaceutical market. ADVERTISEMENT 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 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. ADVERTISEMENT 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 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. ADVERTISEMENT 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 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 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. ADVERTISEMENT '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.' (Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Indian Express
5 days ago
- Business
- Indian Express
Glenmark Pharma shares surge 10%, hit upper circuit limit
Shares of Glenmark Pharmaceuticals Ltd on Friday jumped 10 per cent after the firm 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. The stock surged 9.99 per cent to hit its 52-week high as well as the upper circuit limit of Rs 2,095.65 on the BSE. At the NSE, the stock zoomed 10 per cent to Rs 2,094.40 — its 52-week high as well as upper circuit level. Glenmark Pharmaceuticals' arm Ichnos Glenmark Innovation has signed the deal for its lead investigational asset 'ISB 2001'. ISB 2001, targeted for the 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.
Economic Times
5 days ago
- Business
- Economic Times
Glenmark Pharma hits 10% upper circuit, scales fresh 52-week high on $700 mn cancer drug deal
Glenmark Pharmaceuticals shares surged 10% to hit the upper circuit and a new 52-week high of Rs 2,095.65 on BSE on Friday, after its 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. ADVERTISEMENT 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. Also Read: Brokerages initiate coverage on Delhivery, 7 other stocks; up to 33% upside seen The US FDA granted ISB 2001 orphan drug designation in July 2023 and fast-track status in May 2025 for the treatment of 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." ADVERTISEMENT Cyril Konto, MD, President and CEO of IGI, said, '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.'Also Read: Vodafone Idea slides 57% in a year; analysts warn of further downside below Rs 6.30 (Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times) ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
5 days ago
- Business
- Time of India
Glenmark Pharma shares in focus after subsidiary licences cancer drug to AbbVie for $700 million upfront
Glenmark Pharmaceuticals shares will be in focus on Friday after its 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 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 . Also Read: Brokerages initiate coverage on Delhivery, 7 other stocks; up to 33% upside seen The US FDA granted ISB 2001 orphan drug designation in July 2023 and fast-track status in May 2025 for the treatment of relapsed or refractory multiple myeloma. Live Events "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, said, '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.' Also Read: Vodafone Idea slides 57% in a year; analysts warn of further downside below Rs 6.30 ( Disclaimer : Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
