Glenmark Shares Surge 10% on Cancer Drug Deal With Abbvie

Glenmark Pharmaceuticals Ltd.’s shares jumped as much as 10% after its unit Ichnos Glenmark Innovation entered into a pact with AbbVie Inc. to license its under-development multiple myeloma drug for an upfront payment of $700 million.

Its shares surged to a record 2,095.65 rupees a piece in Mumbai trading on Friday.

Besides the upfront payment, the Mumbai-based firm is eligible to receive as much as $1.23 billion in development, regulatory, and commercialization milestone payments, its Managing Director Glenn Saldanha told reporters Thursday. It will get tiered, double-digit royalties on net sales when the drug, called ISB 2001, is ...