Glenmark Pharmaceutical (Glenmark), a manufacturer of generic formulation products and API, announces the discovery and initiation of IND enabling studies of a novel clinical development candidate, GBR 1302, a HER2xCD3 dispecific antibody. GBR 1302 was discovered and developed by the Glenmark Biologics Research Centre located in La Chaux-de-Fonds, Switzerland.

GBR 1302 is based on Glenmark's innovative BEAT antibody technology platform which facilitates the efficient development and manufacture of antibodies with dual specificities, so-called bispecific antibodies.

Commenting on the milestone, Michael Buschle, chief scientific officer & president- Biologics, Glenmark Pharmaceuticals mentioned, ''GBR 1302 is significant for Glenmek on multiple levels. It is our first bispecific antibody, it is our first antibody based on our proprietary BEAT antibody engineering platform and it represents the entry of Glenamrk into the Oncology innovator space, which has a huge commercial potential.''

Shares of the company gained Rs 26.45, or 3.68%, to trade at Rs 745.90. The total volume of shares traded was 21,580 at the BSE (9.25 a.m., Wednesday).