AbbVie and RemeGen announced the first deal unveiled at the J.P. Morgan Healthcare Conference 2026, signing an exclusive oncology licensing agreement worth up to $5.6 billion for RemeGen’s bispecific antibody RC148.
RC148 targets programmed death ligand 1 (PD‑L1) and vascular endothelial growth factor (VEGF) and is in clinical development for non‑small cell lung cancer and colorectal cancer, both as a monotherapy and combined with antibody‑drug conjugates (ADCs). Under the pact, AbbVie will pay $650 million upfront and may pay up to $4.95 billion in regulatory, development and commercial milestones. AbbVie gains exclusive development, manufacturing and commercialization rights outside the Greater China region, while RemeGen will receive tiered, double‑digit royalties on net sales outside Greater China.
The deal reflects growing industry interest in PD‑1/VEGF bispecifics, which combine immune checkpoint inhibition with anti‑angiogenic activity. Companies view the dual mechanism as a way to overcome tumour resistance to single‑target therapies and to improve the tumour microenvironment for ADC activity.
Daejin Abidoye, AbbVie’s vice president and head of oncology, solid tumour and haematology, said combining immune checkpoint inhibition with an anti‑angiogenic mechanism and targeted cytotoxic activity from ADCs could yield meaningful treatment options across a range of solid tumours.
Recent high‑value transactions underscore the trend. In November 2024 MSD struck a global licensing agreement worth up to $3.28 billion with LaNova Medicines for LM‑299. In 2022 Akeso acquired rights to Summit Therapeutics’ ivonescimab for $5 billion, and Summit filed a biologics license application for ivonescimab in NSCLC with the US FDA on January 12, potentially positioning it as the first PD‑1/VEGF bispecific to gain US approval. In 2025 Pfizer paid $1.25 billion to 3SBio for rights to SSGJ‑707 outside China.
A common thread in these deals is the origination of assets in China. GlobalData’s “State of the Biopharmaceutical Industry 2026 Edition” reports that key opinion leaders see ongoing opportunities in collaborations with Chinese biotech and pharma, and experts expect licensing deals involving Chinese companies to continue into 2026, with PD‑1/VEGF bispecifics highlighted as a priority area.
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