格隆汇1月20日丨荣昌生物(688331.SH)公布，截至2026年1月20日，公司通过上海证券交易所交易系统 以集中竞价交易方式累计回购公司股份194,144股，占公司总股本的比例为0.0344%，回购成交的最高价 为103.78元/股、最低价为102.17元/股，支付的资金总额为人民币2000.4万元（不含交易佣金等交易费 用）。公司本次股份回购已达到回购资金总额下限且未超过回购资金总额上限，本次回购方案实施完 毕。 ...

荣昌生物公告，公司于2026年1月20日通过上海证券交易所交易系统以集中竞价交易方式首次回购公司 股份19.41万股，占公司总股本5.64亿股的比例为0.0344%，回购成交的最高价为103.78元/股，最低价为 102.17元/股，支付的资金总额为人民币2000.4万元（不含交易费用）。截至2026年1月20日，公司通过 上海证券交易所交易系统以集中竞价交易方式累计回购公司股份19.41万股，占公司总股本的比例为 0.0344%，回购成交的最高价为103.78元/股、最低价为102.17元/股，支付的资金总额为人民币2000.4万 元（不含交易佣金等交易费用）。公司本次股份回购已达到回购资金总额下限且未超过回购资金总额上 限，本次回购方案实施完毕。 ...

南财智讯1月20日电，荣昌生物公告，公司于2026年1月20日通过上海证券交易所交易系统以集中竞价交 易方式首次回购股份194,144股，占公司总股本的0.0344%，回购价格区间为102.17元/股至103.78元/股， 支付资金总额为2000.40万元（不含交易费用）。本次回购方案已实施完成，实际回购金额为2000.40万 元，在预计回购金额2000万元至4000万元范围内。回购股份将用于员工持股计划或股权激励，目前存放 于公司回购专用证券账户。本次回购不会对公司的经营活动、财务状况和股权分布产生重大影响。 ...

今日（1.19），港药深度回调，创新药纯度100%的港股通创新药ETF(159570)跌2.5%，连续第三日回调，成交额已超8亿元！资金快速涌 入，近5日狂揽超10亿元！截至1月16日，港股通创新药ETF(159570)最新规模超262亿元，同类持续领先！ 港股通创新药ETF(159570)标的指数权重股多数飘绿：科伦博泰生物-B跌超5%，信达生物、翰森制药跌超4%，中国生物制药、三生制药跌 超3%，百济神州、康方生物跌超2%。上涨方面，石药集团逆市涨近1%。 | 序号 | 代码 | 名称 | 估算权重 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | | 1 | 1093 | 石药集团 | 11.08% | 0.71% | 3.74Z | | 2 | 6160 | 百济神州 | 10.19% | -2.56% | 1.70亿 | | 3 | 1801 | 信达生物 | 10.18% | -4.69% | 3.34Z | | ব | 1177 | 中国生物制药 | 9.88% | -3.74% | 1.53亿 | | 5 | 9926 | 康方生物 | 9 ...

Core Viewpoint - The recent exclusive licensing agreement between Rongchang Biologics and AbbVie for the dual-specific antibody drug RC148, targeting PD-1/VEGF, highlights the competitive landscape in the oncology drug market, with significant financial implications for both companies [1][5]. Group 1: Licensing Agreement Details - Rongchang Biologics has entered into an exclusive licensing agreement with AbbVie for RC148, which is currently in Phase II clinical trials [1]. - The deal includes an upfront payment of $650 million and potential milestone payments up to $4.95 billion, along with tiered royalties on net sales, bringing the total potential value of the agreement to $5.5 billion [1]. - Following the announcement, Rongchang Biologics' stock surged, with a 20% increase in A-shares and a 7.87% increase in Hong Kong shares [1]. Group 2: Market Context and Comparisons - The PD-1/VEGF target has seen multiple drugs developed, with over five similar drugs already in the market, leading to skepticism about the market share for later entrants [1][4]. - Other Chinese biotech firms have also engaged in significant licensing deals for PD-1/VEGF drugs, with notable transactions including a $500 million upfront payment from Summit to Kanyos Biologics and a $1.25 billion upfront payment from a partnership involving 3SBio and Pfizer [4]. - Despite being ranked lower in the market, Rongchang Biologics' deal value is comparable to that of Kanyos Biologics, raising questions about the valuation of later-stage products [5]. Group 3: Future Prospects and Trends - There is an expectation for continued licensing transactions in the PD-1/VEGF space, driven by efficacy, different indications, and combination therapies [8]. - Companies with PD-1/VEGF candidates that have not yet been licensed are actively seeking opportunities, with the potential for significant deals depending on product data and market conditions [8]. - Major multinational pharmaceutical companies, including Eli Lilly, Novartis, and AstraZeneca, have not yet announced new PD-1/VEGF acquisitions, indicating potential future market activity [9].

经济观察网2026年1月15日，荣昌生物(688331)发布公告，公司拟2000万元至4000万元回购股份，回购 价格不超过116元/股。 ...

Core Viewpoint - Rongchang Biologics (09995) has seen a stock increase of over 5%, currently trading at 98.1 HKD with a transaction volume of 137 million HKD, following the announcement of an exclusive licensing agreement with AbbVie for RC148, which includes an upfront payment of 650 million USD and potential milestone payments of up to 4.95 billion USD, along with a double-digit percentage sales royalty [1] Group 1 - Rongchang Biologics has entered into an exclusive licensing agreement with AbbVie for RC148, granting AbbVie exclusive rights for development, production, and commercialization outside Greater China [1] - The upfront payment from AbbVie is 650 million USD, with potential milestone payments reaching up to 4.95 billion USD [1] - The agreement includes a tiered sales royalty, which is expected to contribute to Rongchang's revenue [1] Group 2 - According to the report from CMB International, the immediate impact of this transaction on similar target products is considered limited due to the first-mover advantage of companies like Kangfang Biologics and 3SBio in clinical progress [1] - CMB International is optimistic about the overseas registration progress of TaiTasiP and VidiCimab by 2026, as well as the advancement of early-stage products in more indications [1] - The revenue forecast for Rongchang Biologics for 2026 to 2027 has been raised, with the target price increased to 136 HKD [1]

Group 1 - The core point of the article is that Rongchang Biologics (09995) has entered into an exclusive licensing agreement with AbbVie for RC148, which will provide significant upfront and milestone payments to Rongchang [1][5] - Rongchang Biologics will receive an upfront payment of $650 million and potential milestone payments of up to $4.95 billion, along with a tiered sales royalty in the double-digit percentage range [1][5] - The report from CMB International suggests that the short-term direct impact of this deal on similar target products is limited due to the first-mover advantage held by competitors like Kangfang Biologics and 3SBio [1][5] Group 2 - CMB International is optimistic about the progress of Taitasip and Vidisizumab in overseas registration studies by 2026, as well as the advancement of early-stage products in more indications [1][5] - The firm has raised its revenue forecasts for Rongchang Biologics for 2026 to 2027 and increased the target price to HKD 136 [1][5]

Group 1 - The core viewpoint of the article highlights that Rongchang Biologics (09995) has seen a stock increase of over 5%, currently trading at 98.1 HKD with a transaction volume of 137 million HKD [1] - The report from CMB International indicates that Rongchang Biologics has entered into 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, with potential milestone payments of up to 4.95 billion USD, along with a double-digit percentage tiered sales royalty [1] Group 2 - CMB International believes that the transaction will have limited short-term direct impact on competing products due to the first-mover advantage of companies like Kangfang Biologics and 3SBio in clinical progress [1] - The firm is optimistic about the overseas registration research progress of Taitasip and Vidisirimab by 2026, as well as the advancement of early-stage products in more indications [1] - CMB International has raised its revenue forecast for Rongchang Biologics for 2026 to 2027 and increased the target price to 136 HKD [1]

Core Viewpoint - Rongchang Biopharmaceutical has successfully licensed its PD-1/VEGF dual antibody RC148 to AbbVie for an upfront payment of $650 million, with the total deal potentially reaching $5.6 billion, approximately 4 billion RMB, marking a significant turnaround for the company [1][2][7]. Company Overview - Rongchang Biopharmaceutical, founded in 2008, is a pioneer in the development of innovative drugs in China, particularly in antibody-drug conjugates (ADCs) [1]. - The company has faced challenges in commercializing its products and has been criticized for its aggressive strategy, leading to significant losses and limited cash reserves [1]. Financial Impact - The $650 million upfront payment from AbbVie will provide substantial funding for Rongchang Biopharmaceutical, covering all previous R&D investments for RC148 and significantly boosting the company's financial position [2][7]. - Following the announcement of the deal, Rongchang's stock surged over 20%, indicating strong market confidence in the transaction [7]. Product Development and Market Position - RC148 is the first product from Rongchang's dual antibody platform to enter clinical trials, focusing on treating solid tumors [5]. - The product has shown promising clinical data, with objective response rates of 61.9% for monotherapy and 66.7% when combined with chemotherapy for non-small cell lung cancer [8]. Competitive Landscape - The competition in the PD-1/VEGF dual antibody market is intensifying, with other companies like Kangfang Biopharmaceutical and Sanofi already advancing their products to later clinical stages [9][11]. - Rongchang's collaboration with AbbVie, which has limited experience in solid tumors, raises questions about the potential success of RC148 compared to competitors [9][12]. Strategic Significance - The deal with AbbVie reflects ongoing interest from multinational pharmaceutical companies in acquiring dual antibody assets, which could benefit domestic companies like Rongchang [7]. - The transaction underscores the importance of asset quality and collaboration in revitalizing market confidence in the biopharmaceutical sector [7].