Glenmark arm, US firm AbbVie sign $2 billion licensing deal for cancer drug

IGI Therapeutics, part of Ichnos Glenmark Innovation, is teaming up with AbbVie to bring a new experimental cancer drug to market in a deal worth up to $2 billion.

The treatment, called ISB 2001, is being tested in early trials on patients with aggressive multiple myeloma, a type of blood cancer.

The US FDA has already granted it fast-track and orphan drug status, which are designed to help promising therapies reach patients sooner.

Under the agreement, IGI will get $700 million right away and could earn another $1.2 billion if the drug hits certain development and sales milestones. The agreement also includes tiered, double-digit royalties on net sales.

IGI will also earn royalties once the drug goes on sale. AbbVie will handle development, manufacturing, and sales in the US, Europe, Japan, and China, while IGI keeps the rights in India and other emerging markets.

Drugs like ISB 2001, which can tackle cancer in multiple ways at once, could lead to better and longer-lasting results for patients, said AbbVie’s research chief Roopal Thakkar.

“ISB 2001 exemplifies the potential of our BEAT protein platform to generate effective multispecifics that may overcome resistance and improve outcomes in hard-to-treat cancers,” said Cyril Konto, president and chief executive officer (CEO) of IGI.