Sacrifices, trade-offs behind big win, says Glenmark’s Saldanha
“We’ve always been flexible about how we’re approaching innovation. I think that’s what we’re finally rewarding us.” Mint In a special interview.
Glenmark’s US -based Unit Ichnos Glenmark Innovation (IGI) refers to one of the biggest opportunities for an Indian biofarma company after a $ 700 million licensing agreement with Abbvie for the blood cancer candidate last week. Abbvie will also pay $ 1.23 billion and net sales with layered, double -digit copyrights as various milestones are completed.
In order to treat multiple myeloma, ISB 2001, which is a research medicine, is in Faz-1 clinical studies and has shown promising data. In a study conducted with 35 patients who had failed all existing therapy lines, 79% showed a clinical response to this and 30% was without cancer.
“This serves as a catalyst to expand the innovation environment in India… We have shown that you can do it, Sal said Saldanha said.
Last bet
The ISB 2001, developed on IgI’s registered rhythm platform, was the last bet of the company. “There was no plan B, Sal Saldanha said. “This was almost the end of the road. At this point, technology had to show that it worked… or we don’t know what to do as the next thing.”
While the drug has been discovering for the last five years, the company has been working on the Beat platform for nearly ten years. There were three other assets that the company stopped developing.
The ISB 2001 emphasized its potential and received both US FDA orphanic drugs and fast path appointments. It aims to assign a rapid path, to develop and review drugs to treat serious situations, and to meet unlocked medical needs, while appointment of orphan drugs to drugs that treat rare diseases.
Following the license agreement, ABBVI will take over more development for FAZ-2 and FAZ-3 attempts before applying for regulatory approval. The process will typically take four to five years.
It is estimated that the market size for multiple myeloma will rise to $ 50 billion by 2030.
According to Nuvama’s research, Glenmark, taking into account the copyrights with layered double -digit double -digit copyright, continues to gain copyrights of 2.02 billion dollars by 2041.
According to the July 11 note of Motilal Oswal analysts, the agreement confirms various aspects of the Beat platform of the Beat platform, the potential of the ISB 2001 to treat relapse/refractory multi -myeloma and its commercial applicability after successful clinical studies.
“Moreover, ABBVI founded a solid asset fixed by two corner stone treatment in ancology, which has established scientific innovation as a diversified biophaic leader who combines strong commercial execution with strong commercial execution. Producing and Abbvie’s reputation as a pioneer in hematological cancer, “he added.
Great sacrifices, sacrifices
Saldanha has bets on innovation since the reins of the company in the late 90s. A few years after Glenmark was listed in 2000, he founded the first RES -GE Center New Biology Research Center in Switzerland.
Over the years, the company has made a series of licensing agreements with new assets.
In 2019, it revealed the presence of R -GE under the Ichnos Sciences, a new company based on a private Beat Bispecific platform. In 2024, the duo announced that Ichnos Glenmark innovation (IGI) was formed.
Saldanha said that the focus of the company on innovation is very disappointed for investors and stakeholders. “[We were] It is limited to being called eccentric. ”
The company also had to sell its shares in Glenmark Life Sciences in the approximately active drug component (API). La4,500-4,600 crore. Glenmark sold 75% of the unit to Industrial Holding Nirma La5,650 crore.
Sal Saldanha said, “Great sacrifices, big sacrifices”.
Saldanha had the option to decide which end of the value chain we played with the sale of GLS. “Whether we play this API stable end of the value chain and produce income like this or play at the top of the innovation chain.”
However, he said innovation was not a cost game. “Everything is about understanding where the treatment goes and how to find a solution.”
What’s next for Glenmark?
IGI spends about 70 million dollars a year on new drug research. Saldanha said it would be financed by itself for the next three to four years with the prepaid payment.
The company will also reward the shareholders with dividends.
Saldanha said that they do not have an emergency investment plans other than that. “We will not do anything for at least one or two years. We will continue to re -group and try to understand that we can add more value to strategically,” he said.
The agreement is a big activity for the company that basically resets the whole agenda for the company. “We really have to reset and rethink how we want to see the company in the next five to ten years.”
The Early Success of ISB 2001 confirmed the Beat platform. Saldanha said, “Now we think we are doing it right with technology… The idea is how we can use this technology more effectively to add more products and make more.”
The unit has another presence called ISB 2301, which is in late development of pre -clinical clinic and will go to the clinic next year. Saldanha said that this drug will target solid tumors. IgI also has several early stage programs. “… We will use technology as effectively as possible for the next three or four years.”
