Glenmark Pharma shares zoom 14.51 pc; hit 52-week high in intra-day trade

New Delhi, Jul 11 (PTI) Shares of Glenmark Pharmaceuticals Ltd ended 14.51 per cent higher on Friday after the firm announced signing an up to USD 2-billion deal with AbbVie to commmercialise its underdevelopment drug aimed to treat cancer and autoimmune diseases.

The stock surged 14.51 per cent to settle at Rs 2,181.55 apiece on the BSE. During the day, the shares hit its 52-week high of Rs 2,286.15, up 19.99 per cent.

On the NSE, the stock zoomed 14.28 per cent to Rs 2,175.90. During the day, it hit a 52-week high of Rs 2,284.80, up 20 per cent.

Glenmark Pharmaceuticals' arm Ichnos Glenmark Innovation has signed the deal for its lead investigational asset 'ISB 2001'.

This deal is considered one of the largest transactions in the pharma sector.

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. PTI SUM SUM SHW