Glenmark’s AbbVie Deal Makes R&D Unit Self-Sustaining, Says Glenn Saldanha

In a game-changing global licensing deal, Glenmark’s US-based subsidiary Ichnos Glenmark Innovation (IGI) has licensed its multiple myeloma treatment, ISB 2001, to US pharma giant AbbVie for $700 million upfront. The deal marks a significant milestone for the Indian pharma company, with potential milestone payouts of up to $1.225 billion, in addition to double-digit royalties once the drug hits the market in the US, Europe, China, and Japan.

A Landmark Move for Glenmark’s Innovation Arm

Glenn Saldanha, Chairman and Managing Director of Glenmark, called the AbbVie deal a “transformational moment” for the company’s innovation pipeline. Speaking in an interview, he shared that this agreement has de-risked the R&D business and made it financially self-sustaining for the next 3–4 years.

“My experience tells me one wrong move can set you back four or five years, so we need to be very careful,” Saldanha added, reflecting on how cautiously the proceeds will be deployed.

The deal not only brings in massive funds but also validates Glenmark’s research capabilities on a global scale.

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Strategic Deployment of Proceeds

Saldanha mentioned that while the company has not fully decided how to deploy the proceeds, the focus will be on developing more high-potential assets, which could also be licensed out in the future. The success of this deal sets a solid foundation for Glenmark’s future R&D investments.

The cancer treatment drug ISB 2001 is being seen as a major innovation coming out of Glenmark’s US operations, positioning the company as a serious player in the global oncology drug development space.

The Bigger Picture

This deal with AbbVie is not just about capital—it’s about confidence. With potential milestone payments and royalties ahead, Glenmark could be setting the stage for long-term, sustainable innovation and growth in the high-margin R&D segment.

Glenmark’s innovation-led strategy is beginning to show strong results, and this deal may serve as a blueprint for future global collaborations.

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