India’s Glenmark Pharmaceuticals said on Thursday its innovation arm, Ichnos Glenmark Innovation (IGI), and AbbVie have signed an exclusive licensing agreement for IGI’s cancer treatment, adding to the U.S. firm’s oncology portfolio.
Under the agreement, AbbVie will get exclusive rights to develop, manufacture and commercialize IGI’s ISB 2001 in North America, Europe, Japan and Greater China.
ISB 2001 is currently in Phase 1 clinical trial in patients with relapsed or refractory multiple myeloma, a type of cancer that develops in white blood cells.
AbbVie has a pipeline of more than 20 investigational assets designed to tackle difficult-to-treat cancers, according to the company website.
Subject to regulatory approvals, IGI will receive an upfront payment of $700 million and could earn up to $1.225 billion in additional milestone payments, according to the agreement.
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