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]

Core Viewpoint - Rongchang Biopharma (688331.SH) has signed an exclusive licensing agreement with AbbVie for its novel bispecific 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, Rongchang Biopharma 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 - In addition to milestone payments, Rongchang Biopharma will receive tiered royalties based on net sales in regions outside of Greater China [1] - The total amount of milestone payments is uncertain as it depends on the fulfillment of specific conditions outlined in the agreement [1]

Group 1 - The geopolitical risks and policy uncertainties are enhancing the safe-haven attributes of precious metals, with silver futures surging by 6.00% and gold prices rising significantly due to increased demand for safe-haven assets [1] - The European Commission is prepared to impose new and stricter sanctions on Iran, escalating geopolitical tensions, while the independence of the Federal Reserve's policies is under scrutiny, further reinforcing gold's role as a traditional risk hedge [1] - Precious metals like gold and silver are expected to maintain an upward price trajectory amid a complex macroeconomic environment [1] Group 2 - Rongchang Biopharmaceutical announced a significant exclusive licensing agreement with AbbVie for a novel bispecific antibody drug, RC148, which will yield an upfront payment of $650 million and potential milestone payments up to $4.95 billion [1] - This transaction highlights the growing recognition of competitive domestic innovative biopharmaceuticals by international pharmaceutical giants, showcasing the improved negotiation power of domestic companies [1] - The deal is expected to encourage more domestic innovative drug companies to deepen their efforts in cutting-edge treatment areas such as oncology and autoimmune diseases, accelerating their internationalization through licensing collaborations [1] Group 3 - The Guangzhou Futures Exchange has implemented strict regulations on lithium carbonate futures trading, limiting clients who exceed opening limits to prevent excessive speculation and maintain market order [2] - This regulatory action aims to ensure that lithium carbonate futures prices reflect true supply and demand dynamics, promoting compliance among industry players and investors [2] - The focus is shifting from supply pressure to consumer-driven demand, indicating a robust performance in the demand side of the lithium market [2] Group 4 - The commercial aerospace sector is experiencing heightened attention, with several companies issuing announcements to warn about risks associated with stock price volatility [2] - Platinum Technology noted that the commercial aerospace development stage is still early, contributing limited revenue to the company in the coming years [2] - Other companies, such as Zhongke Star Map, indicated that the current stock price surge is not aligned with the actual performance of their commercial aerospace business, highlighting significant risks of detachment from fundamentals [2]

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。 ...