Core Viewpoint - Rongchang Biopharma announced a significant business development (BD) deal with AbbVie for the RC148 drug, with a total transaction value of up to $5.6 billion, marking a new high for the company in terms of upfront payments and potential total deal value [1][3][8] Group 1: Business Development Deal - The agreement with AbbVie includes an upfront payment of $650 million and potential milestone payments of up to $4.95 billion, along with tiered royalties on net sales outside Greater China [2][5][9] - This deal represents a shift in Rongchang Biopharma's BD strategy, moving from early reliance on multinational pharmaceutical companies to a more flexible collaboration model [1][4][6] Group 2: RC148 Drug Development - RC148 is a novel bispecific antibody targeting PD-1/VEGF, currently undergoing clinical trials for various advanced malignancies [4][9] - The drug has received FDA IND approval for a Phase II clinical trial in the U.S., indicating its entry into global clinical development [4][9] - Preliminary clinical data presented at the ESMO-IO conference showed promising efficacy for RC148 in treating non-small cell lung cancer [4][9] Group 3: Financial Performance - For the first three quarters of 2025, Rongchang Biopharma reported revenues of 1.72 billion yuan, a year-on-year increase of 42.27%, while net losses decreased significantly to 551 million yuan from 1.071 billion yuan in the same period last year [5][10]

Group 1 - Rongchang Biologics announced a collaboration with AbbVie for overseas rights to RC148 (PD1/VEGF dual antibody), receiving an upfront payment of $650 million, up to $4.95 billion in milestone payments, and a double-digit revenue share, indicating strong market potential for PD-1/VEGF dual antibodies [1][3] - The total transaction value for the RC148 licensing agreement is $5.6 billion, which includes the upfront payment and potential milestone payments, exceeding market expectations [3] - The innovative drug ETF, Guotai (517110), rose over 3% following the announcement, reflecting positive market sentiment [1] Group 2 - Kangfang Biologics' partner, Summit Therapeutics, submitted a BLA to the FDA for AK112 (Ivosidenib) to treat EGFR mutation non-small cell lung cancer patients after disease progression on EGFR TKI therapy, with a decision expected by Q4 2026 [3] - Three Life Pharmaceuticals' partner, Pfizer, announced at the 44th J.P. Morgan Healthcare Conference that the PD-1/VEGF dual antibody PF-08634404 (SSGJ-707) will initiate five global Phase III clinical trials for non-small cell lung cancer and other tumor types in 2026 [3] Group 3 - The innovative drug sector is expected to see multiple catalysts entering Q1 2026, with recent developments in small nucleic acids and JPM contributing to positive sentiment in the sector [4] - The domestic CRO (Contract Research Organization) sector is showing signs of recovery, with a significant increase in new orders, indicating a rebound in performance expected in 2026 [4] - The CDMO (Contract Development and Manufacturing Organization) sector continues to show strong demand, with geopolitical risks gradually being resolved [4] Group 4 - Chinese innovative drugs have established significant competitive advantages, including differentiated drug development, high cost-effectiveness, and global compliance capabilities [7][8] - The cost of developing similar targeted drugs in China is approximately one-third of international levels, supported by a large clinical resource base and ongoing "engineer dividend" in the biopharmaceutical sector [7] - Chinese pharmaceutical companies have progressed from "me-too" to "first-in-class" drug development, focusing on unique challenges in hematological and solid tumors, demonstrating the value of differentiated research strategies [7][8]

Group 1 - AbbVie has secured a licensing agreement with Rongchang Biopharma worth up to $5.6 billion, which includes an upfront payment of $650 million and potential milestone payments of up to $4.95 billion [1] - The agreement grants AbbVie exclusive rights to develop, manufacture, and commercialize RC148, a bispecific antibody targeting PD-1 and VEGF, outside of Greater China [1] - RC148 is designed to enhance anti-tumor immune responses while inhibiting tumor-driven angiogenesis, and is currently undergoing clinical trials in China for various advanced malignancies [1] Group 2 - The PD-1/VEGF dual antibody market has seen increased interest, especially after Kangfang Biopharma's dual antibody demonstrated potential superiority over Merck's Keytruda in clinical trials [3] - Major pharmaceutical companies are investing in PD-1/VEGF dual antibodies, with significant licensing deals such as the $6.06 billion agreement between 3SBio and Pfizer, and the $11.1 billion collaboration between Bristol-Myers Squibb and BioNTech [3] - However, following disappointing overall survival data from Kangfang Biopharma's dual antibody, market enthusiasm for PD-1/VEGF dual antibodies has cooled, raising questions about the future potential of this therapeutic class [4] Group 3 - The recent licensing deal between Rongchang Biopharma and AbbVie may indicate a resurgence in interest in the PD-1/VEGF dual antibody space [4] - Kangfang Biopharma's partner, Summit, has submitted a new drug application to the FDA for its PD-1/VEGF dual antibody, targeting specific lung cancer patients, which could further influence market dynamics [4]

北京商报讯（记者 丁宁）1月13日，荣昌生物（688331）高开15.33%，开盘价为110元/股。 消息面上，荣昌生物发布公告称，公司与艾伯维集团控股公司（以下简称"艾伯维"）就RC148签署独家 授权许可协议。艾伯维将获得RC148在大中华区以外地区的开发、生产和商业化的独家权利。协议经相 关监管批准生效后，荣昌生物将收到6.5亿美元的首付款，并有资格获得最高达49.5亿美元的开发、监管 和商业化里程碑付款，以及在大中华区以外地区净销售额的两位数分级特许权使用费。 ...

Group 1 - The Hang Seng Technology Index increased by 1.93% and the Hang Seng Index rose by 1.32% [1] - Notable stock performances include: Zhaoyi Innovation up by 45.06%, Dali Group Holdings up by 13.35%, and Rongchang Bio up by 8.84% [1] - Declining stocks include: Times Angel down by 4.96%, Master Kong Holdings down by 4.18%, and CIMC Enric down by 3.72% [1]

Core Viewpoint - Rongchang Biologics (09995) experienced a significant stock increase of nearly 9%, closing at 101 HKD, following the announcement of an exclusive licensing agreement with AbbVie for its novel PD-1/VEGF bispecific antibody drug RC148 [1] Group 1: Licensing Agreement Details - On January 12, Rongchang Biologics announced an exclusive licensing agreement with AbbVie for RC148, granting AbbVie exclusive rights for development, production, and commercialization outside Greater China [1] - Rongchang Biologics will receive an upfront payment of 650 million USD and is eligible for up to 4.95 billion USD in milestone payments related to development, regulatory, and commercialization achievements, along with double-digit royalties on net sales outside Greater China [1] - The milestone payments are contingent upon certain conditions, indicating uncertainty regarding the total achievable milestone payment amount [1] Group 2: Product Information - RC148 is a novel bispecific antibody designed to target PD-1 and VEGF pathways, aiming to activate anti-tumor immune responses while inhibiting tumor-driven angiogenesis [1] - The drug is currently undergoing clinical studies in China for treating various advanced malignant solid tumors, both as a monotherapy and in combination therapies [1]

Core Viewpoint - Rongchang Biologics (09995) has signed an exclusive licensing agreement with AbbVie for its novel PD-1/VEGF bispecific antibody drug RC148, which is expected to significantly enhance its financial position through substantial upfront and milestone payments [1] Group 1: Financial Impact - Rongchang Biologics' stock opened nearly 9% higher and is currently up 8.84%, trading at HKD 101, with a transaction volume of HKD 45.5 million [1] - The agreement includes an upfront payment of USD 650 million and potential milestone payments up to USD 4.95 billion, contingent on certain conditions [1] - The company will also receive tiered royalties on net sales outside Greater China, which are expected to be in double digits [1] Group 2: Product Details - RC148 is designed to activate anti-tumor immune responses while inhibiting tumor-driven angiogenesis by simultaneously targeting and suppressing the PD-1 and VEGF pathways [1] - Clinical studies for RC148 as a monotherapy and in combination therapies for various advanced malignant solid tumors are currently underway in China [1]

Agreement Overview - On January 12, 2026, Rongchang Biopharmaceuticals signed an exclusive licensing agreement with AbbVie for RC148, a novel bispecific antibody targeting PD-1/VEGF [2] - AbbVie will obtain exclusive rights for the development, production, and commercialization of RC148 outside Greater China [2] Financial Terms - Rongchang Biopharmaceuticals will receive an upfront payment of $650 million and is eligible for up to $4.95 billion in milestone payments related to development, regulatory, and commercialization [8] - Additionally, the company will receive tiered royalties based on net sales outside Greater China [8] Impact of the Agreement - This licensing agreement is expected to accelerate the global development and commercialization of RC148, providing innovative treatment options for patients and enhancing the company's brand value and international influence [9] - The agreement does not affect the company's operational independence and does not harm the interests of the company or its shareholders [9] Product Information - RC148 is designed to activate anti-tumor immune responses while inhibiting tumor-driven angiogenesis, potentially enhancing the immune system's anti-tumor activity through dual targeting of PD-1 and VEGF pathways [5]

Core Viewpoint - The collaboration between Rongchang Biologics and AbbVie marks a significant advancement in the internationalization of Chinese innovative drugs, particularly with the licensing of the new PD-1/VEGF bispecific antibody drug RC148, which could yield a total transaction value exceeding 39 billion RMB if development progresses successfully [2][3]. Company Summary - Rongchang Biologics has signed an exclusive licensing agreement with AbbVie for RC148, granting AbbVie exclusive rights for development, production, and commercialization outside Greater China [2]. - The agreement includes an upfront payment of $650 million and potential milestone payments up to $4.95 billion, along with double-digit royalties on net sales outside Greater China [2]. - RC148 is designed to activate anti-tumor immune responses while inhibiting tumor-driven angiogenesis, targeting both PD-1 and VEGF pathways to enhance the immune system's anti-tumor activity [7]. - The CEO of Rongchang Biologics emphasized that RC148 is a globally competitive product and that this partnership will accelerate its global development and commercialization, enhancing the company's brand value and international influence [7]. Industry Summary - The trend of Chinese biopharmaceutical companies going global is gaining momentum, with the license-out model becoming a primary engine for this expansion [8]. - In 2025, the total value of innovative drug licensing transactions from China exceeded $130 billion, with over 150 deals, significantly surpassing the previous year's figures [8]. - China now accounts for approximately 30% of the global drug pipeline, ranking second worldwide, indicating a shift from following to competing and leading in the biopharmaceutical innovation sector [8].

Group 1 - AbbVie announced a collaboration with Rongchang Biologics to jointly develop an experimental therapy for solid tumors [1] - The total value of the collaboration agreement could reach up to $4.95 billion, which includes milestone payments [1]