Glenmark Hits New One Month-High on Signing Pact with China's Harbour BioMed | CORPORATE ETHOS

Glenmark Hits New One Month-High on Signing Pact with China’s Harbour BioMed

By: | August 6, 2018
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Aug 6: Indian drug maker Glenmark Pharmaceuticals S.A. and China-based Harbour BioMed, a global biopharmaceutical company discovering and developing innovative therapeutics for oncology and immunological diseases, on Monday announced that they have entered into an exclusive license agreement for the Greater China territory to develop, manufacture and commercialize GBR 1302, Glenmark’s bispecific antibody targeting HER2 and CD3 for the treatment of HER2-positive cancers.

“We are very pleased to begin this strategic relationship with Harbour BioMed for the development and commercialization of our bispecific antibody, GBR 1302 in Greater China, where the predominance of certain HER-2 positive cancers presents a significant clinical need,” said Glenn Saldanha, Chairman and Managing Director of Glenmark.

According to Jingsong Wang, founder and CEO of Harbour BioMed, “this collaboration is aligned with our strategy to leverage our clinical development expertise by in-licensing highly innovative clinical stage assets. GBR 1302 is complementary to the internal portfolio we are building through our industry leading transgenic mouse platforms for generating innovative antibody-based therapeutics.”

Under the terms of the agreement, Glenmark will receive an upfront payment and is eligible to receive payments for achieving pre-specified development, regulatory and commercialization milestones, as well as tiered royalties on net sales for any approved products from Harbour BioMed. The agreement is potentially worth more than $120 million in addition to royalties for Glenmark. Harbour BioMed will lead the clinical development and commercialization of GBR 1302, with the option to manufacture GBR 1302 for the Greater China market. The companies will also collaborate on the generation of clinical data to support the registration of GBR 1302 in HER2-positive indications in their respective territories.

Glenmark shares surged more than 1% to touch a new one month-high of Rs 604 in Monday morning trade on BSE. At 9.26 am, the Re 1 face value shares were trading at Rs 602.90, up 1.06% from the previous closing of Rs 596.60.