Glenmark Pharma arm receives upfront payment of $700 Mn from AbbVie

Ichnos Glenmark Innovation (IGI), Glenmark's wholly owned subsidiary, has received an upfront payment of $700 million from AbbVie (NYSE: ABBV).

The payment is in accordance with the agreed contractual terms and is being made towards an exclusive global licensing agreement for IGI's lead investigational asset, ISB 2001 across North America, Europe, Japan, and Greater China markets.

Shares of Glenmark Pharmaceuticals Limited was last trading in BSE at Rs. 2052.65 as compared to the previous close of Rs. 2053.50. The total number of shares traded during the day was 23488 in over 3440 trades.

The stock hit an intraday high of Rs. 2075.45 and intraday low of 2033.25. The net turnover during the day was Rs. 48326651.00.

Source : Equity Bulls

Keywords

GlenmarkPharmaceuticals INE935A01035 IchnosGlenmarkInnovation IGI UpfrontPayment AbbVie