On January 12, Rongchang Biopharmaceutical (Yantai) Co., Ltd. (688331.SH/09995.HK, hereinafter referred to as "Rongchang Bio") announced the signing of an exclusive licensing agreement with AbbVie Group Holdings (hereinafter referred to as "AbbVie") for RC148, a novel PD-1/VEGF bispecific antibody drug independently developed by Rongchang Bio. According to the agreement, AbbVie will obtain exclusive rights to develop, manufacture, and commercialize RC148 outside Greater China. Rongchang Bio will receive an upfront payment of $650 million and is eligible for up to $4.95 billion in development, regulatory, and commercial milestone payments, as well as tiered double-digit royalty fees on net sales outside Greater China.
RC148 is a novel PD-1/VEGF-targeting bispecific antibody drug developed by RemeGen. Its design aims to activate anti-tumor immune responses while inhibiting tumor-driven angiogenesis. By simultaneously targeting and inhibiting the PD-1 and VEGF pathways, it is expected to enhance the anti-tumor activity of the immune system through multiple mechanisms. Currently, RemeGen is conducting clinical studies in China on RC148 as a monotherapy and in combination therapies for treating various advanced malignant solid tumors in patients.
"RC148 is a globally competitive PD-1/VEGF bispecific antibody drug in the product pipeline of RemeGen, and PD-1/VEGF bispecific antibodies, as a key direction of next-generation tumor immunotherapy, are expected to become cornerstone drugs for cancer treatment," said Dr. Jianmin Fang, CEO of RemeGen. "This collaboration will help accelerate the global development and commercialization of RC148, providing innovative treatment options for patients worldwide, highlighting the innovative potential of RC148 and its prospects in addressing critical unmet medical needs in the field of cancer treatment, while enhancing RemeGen's brand value and international influence. By combining RemeGen's outstanding R&D capabilities with AbbVie's globally leading comprehensive strengths, this collaboration will maximize the global clinical and commercial value of RC148."
"The collaboration with Rongchang Bio demonstrates our commitment to advancing innovative oncology therapies, expanding the multi-specific antibody product line to address multiple disease pathways, and improving patient outcomes," said Daejin Abidoye, Vice President of AbbVie and Head of Oncology/Solid Tumors & Hematology Therapeutics. "By integrating immune checkpoint inhibition with anti-angiogenic activity into a single therapy, we believe RC148 has the potential to bring significant clinical benefits to patients with various tumors."
Citigroup acted as the exclusive financial advisor to Rongchang Bio in this transaction.
