Glenmark’s IGI Eyes US Listing After Cancer Drug Deal With AbbVie, Says Chairman Glenn Saldanha
Saldanha said it could take 4-5 years to commercialise ISB 2001.
Glenmark Pharmaceuticals Ltd.'s subsidiary, IGI, is set to be listed in the US in the coming year, according to Chairman and Managing Director Glenn Saldanha.
Speaking about the mega deal with AbbVie, Saldanha told NDTV Profit, "We finally hit on a drug that is transformational. ISB 2001 is a drug for multiple myeloma and is a tri-specific antibody."
On Thursday, IGI Therapeutics SA, a subsidiary of Glenmark, signed an exclusive license agreement with American drugmaker AbbVie to develop, manufacture, and commercialise the cancer drug ISB 2001.
Under the terms of the agreement, IGI has granted AbbVie exclusive rights to “globally develop, manufacture, and commercialise ISB 2001 across North America, Europe, Japan, and Greater China,” according to a company release.
Saldanha highlighted that it could take four to five years to commercialise ISB 2001. According to clinical trials, 30% of patients treated with ISB 2001 are cancer-free.
"It is an extremely promising drug and has the potential to transform multiple myeloma treatment—which is currently a $30 billion market. If ISB 2001 proves successful, the multiple myeloma treatment market could grow to $50 billion," he said.
He also noted that most innovative products enjoy a 15-year exclusivity period. "This deal puts Indian pharma on the global map for its innovation capabilities," he added.
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Saldanha mentioned that the upfront payment from AbbVie would cover 3–4 years of IGI’s expenses. "Post that, the vision is for an IGI IPO in the US markets. That’s something we will continue to pursue, so IGI can be looked at as an independent entity. However, Glenmark will still own a majority stake in IGI, and that’s how we envision the IPO," he said.
On IGI’s future, he stated, "IGI has built a multi-specific antibody platform technology over the last decade, which will help us develop many more products similar to ISB 2001."
Speaking about Glenmark Pharma’s upcoming launches, Saldanha added, "This year, we are hoping to launch one or two respiratory products in the US, and we also have an injectable portfolio we’re focusing on commercialising."
