Glenmark Steps Up R&D Efforts Post AbbVie Deal

To Pursue an IPO of Ichnos in Near to Medium Term

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ON JULY 10, Glenmark Pharma announced a landmark licensing agreement between its subsidiary, Ichnos Glenmark Innovation (IGI), and AbbVie for its tri-specific antibody asset, ISB2001. Under the terms of the deal, Glenmark will receive an upfront payment of $700 million, with potential milestone payments of up to $1.225 billion tied to development, regulatory, and commercial achievements. The agreement also includes tiered double-digit royalties on net sales. AbbVie—one of the world's leading innovator biopharmaceutical companies—will receive exclusive rights to develop, manufacture, and commercialise ISB2001 across North America, Europe, Japan, and Greater China. Glenmark will retain rights in India and select emerging markets. AbbVie will also