RemeGene receives USD 650m upfront fee from AbbVie

RemeGen Co. (HKEX: 9995) confirmed that it has received the USD 650 million upfront payment from AbbVie (NYSE: ABBV) under the exclusive license agreement for RC148, a bispecific antibody targeting PD-1 and VEGF, signed January 12, 2026, and effective March 10, 2026. The agreement grants AbbVie exclusive rights to develop, manufacture, and commercialize RC148 outside Greater China, while RemeGen retains all rights in mainland China, Hong Kong, Taiwan, and Macau. In addition to the upfront, RemeGen is eligible for up to USD 4.95 billion in development, regulatory, and commercial milestones, plus tiered double-digit royalties on net sales in AbbVie's territory.

The total potential deal value of USD 5.6 billion, excluding royalties, positions this among the larger China-to-global oncology out-licensing transactions on record. The upfront payment was made by AbbVie through its holding company. Financial terms beyond the aggregate figures — including individual milestone triggers and specific royalty tier rates — were not publicly disclosed.

Deal context

RC148 is described by RemeGen as a bispecific antibody simultaneously targeting PD-1 and VEGF, a design approach with documented scientific rationale in the published literature. PD-1 is an inhibitory checkpoint receptor expressed on T cells; its blockade restores cytotoxic immune activity against tumor cells. VEGF drives tumor angiogenesis and has been shown in multiple studies to suppress immune infiltration into the tumor microenvironment. A 2024 abstract published at the American Association for Cancer Research annual meeting directly identifies both the modality and target pairing, providing independent scientific documentation of the molecule's design.

RC148 is currently in early clinical development across multiple advanced solid tumor indications. Active trials include a Phase I/II study evaluating RC148 as monotherapy and in combination in patients with locally advanced unresectable or metastatic malignant solid tumors, and a Phase Ib study in locally advanced or metastatic non-small cell lung cancer. A Phase III trial comparing RC148 plus platinum-based chemotherapy against tislelizumab plus chemotherapy in squamous non-small cell lung cancer has been registered but is not yet recruiting. In 2025, the US FDA cleared RC148 to proceed to Phase II clinical evaluation in the United States, a regulatory step RemeGen disclosed publicly at the time.

The PD-1/VEGF bispecific class has precedent. Akeso and Summit Therapeutics' ivonescimab, which targets the same pathway combination, has generated clinical data in lung cancer settings, establishing proof of concept for the mechanism. RC148 enters that competitive landscape as a follow-on in an increasingly active bispecific antibody class.

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