Core Viewpoint - Rongchang Biopharma has signed an exclusive licensing agreement with AbbVie for its novel dual-specific antibody drug RC148, targeting PD-1/VEGF, which will provide significant financial benefits to the company [1] Group 1: Agreement Details - The agreement grants AbbVie exclusive rights to develop, manufacture, and commercialize RC148 outside of Greater China [1] - Upon regulatory approval, Rongchang Biopharma will receive an upfront payment of $650 million [1] - The company is also eligible for up to $4.95 billion in milestone payments related to development, regulatory, and commercialization achievements [1] Group 2: Financial Implications - In addition to the upfront payment and milestone payments, Rongchang Biopharma will receive tiered royalties on net sales outside of Greater China, which are expected to be in double digits [1]

公告显示，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。协议中所约定的里程碑付款需要满足一定的条件，荣昌生物最终可实现的里程碑付款金额尚存在不 确定性。 北京商报讯（记者 丁宁）1月12日晚间，荣昌生物（688331）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。RC148是荣昌生物研发的一款新型靶向PD- 1/VEGF的双特异性抗体药物。根据协议，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。 ...

二、 协议对方基本信息 | 证券代码：688331 | 证券简称：荣昌生物 | 公告编号：2026-002 | | --- | --- | --- | | 港股代码：09995 | 港股简称：榮昌生物 | | 荣昌生物制药（烟台）股份有限公司 关于与艾伯维签署授权许可协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 协议签署概述 2026 年 1 月 12 日，荣昌生物制药（烟台）股份有限公司（以下简称"荣昌生物" 或"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（以下简称"协议"）。RC148 是荣昌生物研发的一款新型靶向 PD-1/VEGF 的双特异 性抗体药物。根据协议，艾伯维将获得 RC148 在大中华区以外地区（以下简称"合作范 围"）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。 ...

Core Viewpoint - Rongchang Biopharma (09995) has signed an exclusive licensing agreement with AbbVie for RC148, a novel bispecific antibody targeting PD-1/VEGF, which will provide significant financial benefits to the company upon regulatory approval [1] Group 1 - The agreement grants AbbVie exclusive rights to develop, manufacture, and commercialize RC148 outside Greater China [1] - Upon regulatory approval, the company will receive an upfront payment of $650 million [1] - The company is eligible for up to $4.95 billion in milestone payments related to development, regulatory, and commercialization achievements [1] Group 2 - The agreement includes tiered royalties based on net sales outside Greater China, which are expected to be in double digits [1] - The total milestone payment amount is subject to certain conditions, leading to uncertainty regarding the final achievable amount [1]

根据协议，艾伯维将获得RC148在大中华区以外地区的(以下简称「合作范围」)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，公司将收到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。协议中所约定的里程碑付款需要满足一定的条件，公司最终可实现的里程碑付款金额尚存在不确定 性。 格隆汇1月12日丨荣昌生物(09995.HK)宣布，于2026年1月12日，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。RC148是公司研发的一款新型靶向PD-1/VEGF的双特异性 抗体药物。 ...

Core Viewpoint - Rongchang Biopharmaceutical (09995) has signed an exclusive licensing agreement with AbbVie for its new dual-specific antibody drug RC148, targeting PD-1/VEGF, which will provide significant financial benefits to the company upon regulatory approval [1] Group 1: Agreement Details - The agreement grants AbbVie exclusive rights to develop, manufacture, and commercialize RC148 outside of Greater China [1] - Upon regulatory approval, the company will receive an upfront payment of $650 million [1] - The company is eligible for up to $4.95 billion in milestone payments related to development, regulatory, and commercialization achievements [1] Group 2: Financial Implications - The agreement includes tiered royalties on net sales outside of Greater China, which are expected to be in double digits [1] - The total potential milestone payment amount remains uncertain as it is contingent upon meeting specific conditions [1]

本公告由榮昌生物製藥（煙台）股份有限公司（「本公司」）根據香港聯合交易所有限 公司證券上市規則（「上市規則」）第13.09(2)條及證券及期貨條例（香港法例第571 章）第XIVA部項下的內幕消息條文（定義見上市規則）作出。 協議概述 本公司董事（「董事」）會（「董事會」）欣然宣佈，於2026年1月12日（交易時段後）， 本公司與艾伯維集團控股公司（以下簡稱「艾伯維」）就RC148簽署獨家授權許可協 議（以下簡稱「協議」）。RC148是本公司研發的一款新型靶向PD-1/VEGF的雙特異 性抗體藥物。根據協議，艾伯維將獲得RC148在大中華區以外地區的（以下簡稱 「合作範圍」）的開發、生產和商業化的獨家權利。協議經相關監管批准生效後， 本公司將收到6.5億美元的首付款，並有資格獲得最高達49.5億美元的開發、監管 和商業化里程碑付款，以及在大中華區以外地區淨銷售額的兩位數分級特許權使 用費。協議中所約定的里程碑付款需要滿足一定的條件，本公司最終可實現的里 程碑付款金額尚存在不確定性。 本次交易已經董事會審議通過，無需提交股東會審議。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準 ...

Core Insights - AbbVie has announced a partnership with RemeGen to develop an experimental treatment for solid tumors, with the deal valued at up to $4.95 billion, which includes milestone payments [1] Company Summary - The collaboration between AbbVie and RemeGen focuses on the development of a treatment targeting solid tumors, indicating AbbVie's strategic move to enhance its oncology portfolio [1] - The financial commitment of up to $4.95 billion reflects AbbVie's confidence in the potential of the treatment and the capabilities of RemeGen [1]

Core Viewpoint - Enhertu (DS-8201) has evolved into a "complete entity" with the recent approval for first-line therapy in HER2+ breast cancer, marking significant progress from its initial approval as a third-line therapy in December 2019 to its current status [1][2] Group 1: Enhertu's Progression - Enhertu's journey includes approvals for HER2+ breast cancer in third-line therapy (December 2019), second-line therapy (January 2021), and now first-line therapy [2] - The first-line therapy approval is in combination with pertuzumab, with expectations for single-agent approval in the future [2] Group 2: Competitive Landscape - The HER2 ADC breast cancer market is approaching a critical phase, with companies like Rongchang Biopharma, Kelun-Biotech, and BaiLi Tianheng adopting various strategies to compete [3][6] - Rongchang Biopharma has focused on differentiated strategies, avoiding direct competition in breast cancer and targeting unmet clinical needs in other indications like gastric cancer [4][6] - Kelun-Biotech has actively pursued HER2+ breast cancer, achieving approval for its product A166 as the first domestic ADC for second-line therapy, leveraging a strategy of gradual advancement [7][9] Group 3: Strategic Approaches - BaiLi Tianheng aims to create a competitive product against Enhertu, with its T-Bren ADC targeting both HER2+ breast cancer and non-small cell lung cancer (NSCLC) [11][14] - HengRui Medicine adopts a multi-cancer strategy, focusing on various indications beyond breast cancer, with its SHR-A1811 ADC already approved for HER2-mutated NSCLC [16][17] Group 4: Differentiated Strategies - Lepu Biopharma's strategy centers on combining its ADC with PD-1 therapies, positioning its products as complementary rather than direct competitors [18][20] - In contrast, YingEn Biopharma has established a global strategy, securing a partnership with BioNTech for its DB-1303 ADC, focusing on unmet needs in endometrial cancer [22][24] Group 5: Future Outlook - The competitive landscape in the HER2 ADC market is intensifying, with companies employing diverse strategies to carve out their niches [26] - The future success in this sector may hinge on the depth of differentiated strategies and the ability to commercialize effectively, rather than solely on product efficacy [26]

Group 1 - The top three companies with the highest short positions are Vanke Enterprises (02202), Dongfang Electric (01072), and COSCO Shipping Holdings (01919), with short ratios of 18.81%, 18.09%, and 16.45% respectively [1][2] - The companies with the largest increase in short positions are Lens Technology (06613), Shangmei Co., Ltd. (02145), and Youran Dairy (09858), with increases of 2.38%, 0.97%, and 0.64% respectively [1][2] - The companies with the largest decrease in short positions are Sanhua Intelligent Control (02050), SenseTime-W (00020), and Ganfeng Lithium (01772), with decreases of -1.93%, -1.22%, and -1.06% respectively [1][2] Group 2 - The top ten companies with the highest short ratios include Hengrui Medicine (01276) at 15.21%, ZTE Corporation (00763) at 14.26%, and Ping An Insurance (02318) at 14.10% [2] - The companies with the most significant increase in short ratios also include China Merchants Bank (03968) at 7.77% and Laopu Gold (06181) at 4.27% [2] - The companies with the most significant decrease in short ratios also include Zhongchuang Zhiling (00564) at 4.15% and Weichai Power (02338) at 4.93% [2]