Glenmark Spin-Off Ichnos Sciences Launches as New Biotech CompanyBy
Ichnos Sciences, a spin-off of Glenmark Holding, has launched as a new, independent biotechnology company focusing on oncology and autoimmune diseases, headquartered in Paramus, New Jersey. The company is in the process of obtaining all the necessary statutory, legal, corporate and regulatory approvals for completion of the spin-off, which is expected to occur in the first quarter of calendar year 2020.
The spin-off of Ichnos Sciences was first approved in principle by the Glenmark Board of Directors in February 2019, and the company operates with its own board of directors and executive team. Former Gilead executive, Alessandro Riva, MD, is the Chief Executive Officer of Ichnos Sciences.
The new company launches with two research centers (biologics in Switzerland and small molecules in Mahape, Navi Mumbai, India), a development site (Paramus, New Jersey) and a GMP biologics manufacturing facility (Switzerland). Approximately 350 employees work at the company.
Ichnos Sciences’ current pipeline includes three new biological entities and two new chemical entities in various stages of development across the therapeutic areas in oncology, autoimmune disease and pain. The immune-oncology biologics pipeline is developed through the company’s proprietary bispecific antibodies based on its T cell receptor platform. Key readouts for four of its five pipeline candidates are expected starting in 2020.
GBR1342, the company’s CD38xCD3 bispecific antibody under development for relapsed and refractory multiple myeloma, was recently granted orphan drug designation by the US Food and Drug Administration.
Source: Ichnos Sciences