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]

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]

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。 ...