IGI Therapeutics SA, which is a wholly-owned subsidiary of Ichnos Glenmark Innovation (IGI), which is an alliance between Glenmark Pharma and Ichnos Sciences Inc. has signed an exclusive licensing agreement with AbbVie for IGI's lead investigational asset, ISB 2001, Glenmark Pharma said in an exchange filing on July 10.

ISB 2001 has been developed using IGI's proprietary BEAT protein platform, for oncology and autoimmune diseases.

As per the terms of the agreement, AbbVie will receive exclusive rights to develop, manufacture and commercialise ISB 2001 across North America, Europe, Japan and Greater China. IGI will receive an upfront payment of $700 million and is eligible to receive up to $1.225 billion in development, regulatory and commercial milestone payments, along with tiered, double-digit royalties on net sales.

In an interaction with the media, Glenmark MD & CEO Glenn Saldana called this a landmark moment for Indian research, adding that he expects the molecule to transform the multiple Myeloma space, which can become a $50 billion market by 2030. ISB 2001 is currently in phase 1 and could be commercialised in the next four t five years, he added.

On the road ahead, Saldana said that the roadmap would be to IPO IGI in the future and that the unit is self funded for at least the next three years if not more.

Glenmark had a net debt of ?400 crore before the deal and Saldana said that the company will now look to reward its shareholders.

"Our partnership with AbbVie accelerates ISB 2001’s path to patients and sharpens our focus on advancing the next generation of BEAT®-enabled assets in oncology," Cyril Kanto, the MD, President and CEO of IGI said.