Prakash Jain & Ashish Dhawan Backed Large-Cap Pharma Stock Hits 10% Upper Circuit After $700 Million AbbVie Deal; Company to Lead Emerging Markets

Glenmark Pharmaceuticals Ltd. witnessed a sharp 10 per cent rally and hit the upper circuit in early trade on July 11 after announcing a major global licensing agreement through its subsidiary, Ichnos Glenmark Innovation (IGI). The deal, valued at USD 700 million upfront, was signed with US-based AbbVie for IGI’s investigational oncology drug, ISB 2001. This strategic development propelled the stock to its lifetime high, generating significant investor interest even as broader Indian markets traded lower.

While the Nifty 50 fell 0.37 per cent to 25,262 points and the BSE Sensex dropped 0.41 per cent to 82,854.18 amid weak Quarterly Results from Tata Consultancy Services (TCS) that impacted IT stocks, Glenmark outperformed the market on the back of this global deal. Hindustan Unilever offered some support to the indices, but it was not enough to offset the drag from IT counters.

The collaboration between IGI and AbbVie gives the latter exclusive rights to develop, manufacture, and commercialise ISB 2001 in major markets including North America, Europe, Japan, and Greater China. In return, IGI will receive a USD 700 million upfront payment and is eligible for up to USD 1.225 billion in milestone payments and tiered double-digit royalties on global net sales. Meanwhile, Glenmark will retain commercial rights in Emerging Markets, including Asia (excluding developed countries), Latin America, CIS, the Middle East, Africa, Australia, New Zealand, and South Korea.

ISB 2001 is a first-in-class trispecific T-cell engager designed to target BCMA and CD38 on myeloma cells and CD3 on T cells. It is currently in Phase 1 trials for patients with relapsed or refractory multiple myeloma. Early results presented at ASCO 2025 reported a 79 per cent overall response rate, with a 30 per cent complete or stringent complete response rate at active doses. The drug has received Orphan Drug Designation (July 2023) and Fast Track Designation (May 2025) from the US FDA.

Glenmark Pharmaceuticals has delivered a multibagger return of 383 per cent in the long term. Over the last 12 months, the stock rose by 50.46 per cent, and on a year-to-date basis, it is up 30.16 per cent. These gains reflect strong investor confidence following several strategic developments, including this latest licensing deal.

Glenmark is a research-driven global pharmaceutical company operating in over 80 countries. It has a presence in Branded, Generics, and OTC segments with a focus on respiratory, dermatology, and oncology therapies. The company runs 11 manufacturing facilities across four continents. Recognised among the Top 100 global biopharma firms by Scrip 100 in 2023, Glenmark was also listed in the Top 50 Generics and biosimilars companies by Generics Bulletin in 2024. The firm is also noted for its ESG commitment, with its Green House Gas reduction targets validated by the Science Based Target initiative.

Notable investors in Glenmark include Ashish Dhawan, who holds a 1.77 per cent stake, and 3P India Equity Fund, which holds 1.02 per cent. These holdings reflect institutional and high-net-worth investor confidence in Glenmark's growth trajectory.

Disclaimer: The article is for informational purposes only and not investment advice.