Glenmark Pharmaceuticals rises as its arm signs agreement for OX40 antagonist monoclonal antibody portfolio
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Glenmark Pharmaceuticals is currently trading at Rs. 788.50, up by 7.95 points or 1.02% from its previous closing of Rs. 780.55 on the BSE.
The scrip opened at Rs. 783.25 and has touched a high and low of Rs. 790.25 and Rs. 783.25 respectively. So far 6858 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 879.15 on 21-Sep-2023 and a 52 week low of Rs. 369.50 on 30-Jan-2023.
Last one week high and low of the scrip stood at Rs. 799.40 and Rs. 778.35 respectively. The current market cap of the company is Rs. 22298.34 crore.
The promoters holding in the company stood at 46.65%, while Institutions and Non-Institutions held 34.67% and 18.69% respectively.
Glenmark Pharmaceuticals’ wholly owned subsidiary -- Ichnos Sciences Inc. has entered into an exclusive worldwide licensing agreement for its OX40 antagonist monoclonal antibody portfolio with Astria Therapeutics, a biopharmaceutical company developing therapies for rare allergic and immunological diseases. With the execution of this agreement, Ichnos has successfully licensed its two assets for inflammatory and immunological diseases, a key milestone in the company’s prioritization of its pipeline of oncology drug candidates.
Within the terms of the agreement, Astria will assume full cost and responsibility for the global development and commercialization of the licensed therapeutic program for all indications. In exchange, Ichnos will receive up to $320 million in upfront, development, regulatory and sales milestone payments in addition to up to low double-digit royalties. Ichnos has also agreed to allow Astria to draw down on its existing investigational drug substance and drug product stocks at normalized costs to facilitate development.
Telazorlimab is a novel, humanized IgG1 monoclonal antibody that targets OX40 on T-cells responsible for inflammation and immunity diseases. Excessive OX40 signaling, expressed on activated T cells, is the feature of several inflammatory diseases, including atopic dermatitis (AD). 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 AD treatment.
Glenmark Pharmaceuticals is a global research-led pharmaceutical company with presence across Generics, Specialty and OTC business with operations in over 50 countries.
