There’s been plenty of conversation over the recent past around a potential deal for IGI’s tri-specific T cell engager (ISB 2001).

Cyril Konto, president and CEO, IGI, told Scrip there is “certainly strong interest” in ISB-2001, with “robust engagement” from potential partners. “A partnership would accelerate the program’s development and help maximize its impact in RRMM and potentially in earlier lines of treatment over time. We expect to execute the licensing agreement this year,” he stated.

IGI parent Glenmark had a similarly upbeat partnering assessment for ISB 2001, though Konto appeared slightly more measured in comparison, at least on the face of it.

At the recent earnings call for the fourth quarter of fiscal year 2025, Glenn Saldanha, chairman and managing director, Glenmark Pharmaceuticals, indicated that in parallel with progressing the dose expansion study for ISB 2001, the company is in advanced discussions with multiple potential partners – “all big pharma partners,” he specified.

“The discussions are progressing really well, and we anticipate a positive outcome very quickly. We think a deal for ISB 2001 will really be transformational for Glenmark and it'll overshadow anything else that we are doing in the near-term,” Saldanha asserted. “I think you should see some visibility around a licensing deal pretty quickly,” he added on the earnings call on 26 May.

HSBC Securities and Capital Markets (India) said that a deal for ISB 2001 would be a rerating trigger for Glenmark as it could “secure a way to advance the asset in clinical trials and provide option value.” Importantly, Glenmark’s chair maintained that a potential licensing deal for ISB 2001 could cover “at least the next three years of IGI expenditure.”

“We are burning about $70m a year, and we'll keep it around the same level, over the next three years. That's the way we're thinking about it as far as IGI goes...and that will fully get funded,” he explained. Post that, IGI hopes to get back on track for a possible listing.

“The vision is eventually to IPO [initial public offering] that company; so, they will have tremendous access to capital, once we close this deal. That changes the whole trajectory for IGI and for Glenmark - obviously, by IGI covering its own cost, our margins will go up significantly,” he explained.

IGI, which brings together the innovation capabilities of Ichnos Sciences, a clinical-stage biotech, and parent, Glenmark Pharmaceuticals has long indicated an intent to pursue a capital raise, though the wider market scenario for biotech companies over the recent past and other challenges have slowed plans.

Deal Build-Up Amid Early ‘Deep’ Response For IGI’s Trispecific In Myeloma

More from ASCO

More from Focus On Asia