Shang Hai Zheng Quan Bao·2026-01-12 15:41Core 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].