Shares of Glenmark Pharmaceutical Ltd. rose 10% on Friday to hit a fresh life high after the company announced that its arm has signed an exclusive license agreement with American drugmaker AbbVie to develop, manufacture, and commercialise cancer drug ISB 2001.
On July 10, the company announced that the pact has been inked by IGI Therapeutics SA, an arm of Ichnos Glenmark Innovation, which is a collaboration between Glenmark Pharma and Ichnos Sciences Inc.
Under the terms of agreement, IGI has partnered with AbbVie to grant exclusive rights to "globally develop, manufacture, and commercialise ISB 2001 across North America, Europe, Japan, and Greater China", a release stated.
Also, as per the pact, Glenmark Pharmaceuticals will develop, manufacture and lead commercialisation of ISB 2001 across emerging markets including the rest of Asia, Latin America, the Russia/CIS region, the Middle East, Africa, Australia, New Zealand and South Korea.
Glenmark Share Price
Shares of Glenmark surged as much as 10% to Rs 2,094.40 apiece, compared to a 0.27% decline in the NSE Nifty 50 as of 9:36 a.m.
The stock has risen 51.29% in the last 12 months and 30.16% year-to-date. Total traded volume so far in the day stood at 0.19 times its 30-day average. The relative strength index was at 67.49.
Out of 12 analysts tracking the company, eight maintain a 'buy' rating, three recommend a 'hold' and one suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 10.9%.
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