Glenmark Pharma's Biotech Arm Licences Its Immunology Portfolio For Rs 2,700 Crore

Glenmark Pharmaceuticals Ltd.'s wholly owned clinical-stage biotechnology subsidiary, Ichnos Sciences Inc. has entered into an exclusive worldwide licensing agreement with Astria Therapeutics for its immunology portfolio.

The New York-based subisidiary licensed its OX40 antagonist monoclonal antibody portfolio, used for treating inflammatory and immunological diseases, for global development and commercialisation, according to an exchange filing dated Oct. 12.

The licensee biopharmaceutical company, Astria Therapeutics will pay Ichnos "up to $320 million, or around Rs 2,700 crore, in upfront, development, regulatory and sales milestone payments in addition to up to low double-digit royalties".

“As Ichnos continues to grow as a biotechnology company, this agreement enables our team to focus on advancing our robust pipeline of clinical-stage multispecific antibodies in oncology ..., as well as continuing the discovery and development of our NK-cell (natural killer cells of the innate immune system) engaging programs for solid tumors,” said Cyril Konto, managing director, president and chief executive officer of Ichnos in the exchange filing. 

Ichnos is confident in Astria Therapeutics' capabilities and vision for pursuing the development of the OX40 programme and delivering a potentially life-changing treatment to patients with inflammatory and immune diseases, he said.

Telazorlimab is a novel, humanised IgG1 monoclonal antibody that targets OX40 on T-cells responsible for inflammation and immunity diseases. Astria plans to develop an affinity-matured version of telazorlimab and apply YTE half-life extension technology to create a product that aims to address the need for a safe, effective, and infrequently administered atopic dermatitis treatment.

By using Ichnos' monoclonal antibody and applying technology to it, they will "have the potential to deliver a best-in-class profile for atopic dermatitis patients", said Jill Milne, co-founder and chief executive officer of Astria Therapeutics. 

This deal could be another boost for Glenmark Pharma's financial position in a span of one month. The originally net-debt company recently transformed itself into a net-cash company with the sale of a 75% stake in its active pharmaceutical ingredient and contract development and manufacturing arm, Glenmark Lifesciences Ltd., to soapmaker Nirma Ltd. for Rs 5,652 crore in September.

Glenmark Pharma closed 1.47% higher on Oct. 12 at Rs 792 apiece, compared to a 0.10% decline in the benchmark Sensex.