Glenmark Pharma Share Price: 52-Week High & 10% Surge - What’s Driving Today’s Rally?

The shares of Glenmark Pharmaceutical Ltd increased 10% on Friday to hit a 52-week high after the company announced that its subsidiary had signed an exclusive license agreement with American drugmaker AbbVie to develop, manufacture, and commercialize cancer drug ISB 2001.

What Is This Pact?

On July 10, the company announced that the pact has been signed by IGI Therapeutics SA, which is a subsidiary of Ichnos Glenmark Innovation, a collaboration between Glenmark Pharma and Ichnos Sciences Inc.

As part of the terms of agreement, IGI has partnered with AbbVie to grant exclusive rights to "globally develop, manufacture, and commercialize ISB 2001 across North America, Europe, Japan, and Greater China," the company said in a statement.

Additionally, Glenmark Pharmaceuticals will develop, manufacture and lead commercialization of ISB 2001 across emerging markets which includes the rest of Asia, Latin America, The Russia/CIS region, the Middle East, Africa, Australia, New Zealand and South Korea.

Glenmark Pharmaceuticals Share Price Today

The shares of Glenmark Pharmaceuticals rose as much as 10% to Rs 2,094.40 per equity share, as compared to a 0.27% decline in the NSE Nifty 50 as of 9:36 am.

At 10:41 am, the shares of Glenmark Pharmaceuticals were trading at Rs 2,095.65 apiece, a 10% increase as compared to the previous close of Rs 1,905.15 per equity share.

Further, the stock rose 51.29% in the last 12 months and 30.16% year-to-date.

So far, the total traded volume in the day stood at 0.19 times its 30-day average. The relative strength index was at 67.69.

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