AbbVie, IGI Ink $1.9B Myeloma Drug Licensing Deal

AbbVie has signed a landmark licensing agreement with IGI Therapeutics, a Glenmark Pharmaceuticals subsidiary, for the investigational trispecific antibody ISB 2001, which targets cancer and autoimmune diseases including relapsed or refractory multiple myeloma. AbbVie will pay $700 million upfront and up to $1.225 billion in milestone payments, making the deal's total potential value over $1.9 billion—one of the largest in India's pharmaceutical sector. AbbVie secures exclusive rights to develop, manufacture, and commercialize ISB 2001 in North America, Europe, Japan, and Greater China, while Glenmark retains rights for emerging markets. ISB 2001, developed using IGI’s BEAT protein platform, has shown a 79% overall response rate and a favorable safety profile in early Phase 1 clinical trials. The announcement led to a 10% surge in Glenmark's share price, with increased institutional investor interest and decreased retail ownership. The deal is seen as a major endorsement of Glenmark's innovation pipeline and advances the field of multispecific immuno-oncology therapies.