Indian pharmaceutical company grants Abbvie authorization for new blood cancer drug
American biopharmaceutical company AbbVie (ABBV.US) has signed a licensing agreement with the innovative research and development division of Indian pharmaceutical company Glenmark Pharmaceuticals, granting AbbVie the rights to Glenmark's innovative drug currently in development for multiple myeloma. Glenmark will receive an initial payment of $700 million.
Glenmark's Managing Director Glenn Saldanha revealed that the company has the opportunity to receive up to $1.23 billion in milestone payments based on research, regulatory, and commercialization progress. If the drug is successfully launched in the market, Glenmark will also receive tiered double-digit royalties based on net sales
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