AbbVie and RemeGen signed the first deal of the J.P. Morgan Healthcare Conference 2026, agreeing to an exclusive oncology licensing arrangement valued at up to $5.6 billion.
The agreement covers RemeGen’s RC148, a bispecific antibody targeting programmed death ligand 1 (PD-1) and vascular endothelial growth factor (VEGF). RC148 is in clinical development for non-small cell lung cancer and colorectal cancer, both as a monotherapy and in combination with antibody-drug conjugates (ADCs).
Under the deal AbbVie will pay $650 million upfront and may pay up to $4.95 billion in regulatory, development and commercial milestones. RemeGen granted AbbVie exclusive rights to develop, manufacture and commercialise RC148 outside the Greater China region, and will receive tiered, double-digit royalties on net sales outside Greater China if the therapy reaches market.
The PD-1/VEGF bispecific has attracted industry interest because combining immune checkpoint inhibition with anti-angiogenic activity may overcome tumour resistance and improve the tumour microenvironment for ADC activity. “Merging immune checkpoint inhibition with an anti-angiogenic mechanism alongside the targeted cytotoxic activity of ADCs could allow the company to identify meaningful options for patients across a range of solid tumours,” said Daejin Abidoye, AbbVie’s vice-president and head of oncology, solid tumour and haematology.
Several recent high-value transactions have focused on PD-1/VEGF bispecifics, often involving assets developed in China. In November 2024 MSD (Merck & Co) signed a global licensing agreement with LaNova Medicines for LM-299 worth up to $3.28 billion. Akeso acquired rights to Summit Therapeutics’ PD-1/VEGF bispecific ivonescimab for $5 billion in 2022; on 12 January Summit submitted a biologics license application for ivonescimab in NSCLC to the US Food and Drug Administration. In 2025 Pfizer paid $1.25 billion to 3SBio for exclusive rights to SSGJ-707 outside China.
The State of the Biopharmaceutical Industry 2026 Edition report from GlobalData, parent company of Pharmaceutical Technology, found that key opinion leaders see collaboration with Chinese biotech and pharma as an opportunity, and that licensing deals involving Chinese companies are likely to continue into 2026. Industry experts, including Josh Smiley, president and COO of US–China biopharma Zai Labs, have highlighted PD-1/VEGF bispecifics as a key area of interest.
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