2 1 Shi Ji Jing Ji Bao Dao·2026-01-13 04:08Core Viewpoint - The collaboration between AbbVie and Rongchang Biologics marks a significant shift in the global oncology treatment landscape, highlighting the trend of Chinese innovative drug companies partnering with multinational giants for drug development and commercialization [1][2]. Group 1: Collaboration Details - AbbVie and Rongchang Biologics signed an exclusive licensing agreement for the development, production, and commercialization of RC148, a bispecific antibody targeting PD-1 and VEGF [1]. - Rongchang Biologics will receive an upfront payment of $650 million and is eligible for up to $4.95 billion in milestone payments, along with a tiered royalty on net sales outside Greater China [1][2]. Group 2: Market Implications - This deal exemplifies the "China innovation + global market" model, allowing Rongchang Biologics to secure cash flow and accelerate clinical trials for RC148 while focusing on the Chinese market [2]. - AbbVie aims to enhance its product portfolio in immuno-oncology, particularly in the emerging PD-1/VEGF bispecific antibody space, which could synergize with existing antibody-drug conjugates (ADCs) and immuno-oncology (IO) drugs [2]. Group 3: Competitive Landscape - The PD-1/VEGF bispecific antibody represents a new class of cancer therapies that may overcome tumor resistance mechanisms by simultaneously blocking PD-1 and VEGF [3][5]. - Chinese companies are leading in this field, with notable products like Ak112/Ivonescimab and SSGJ707 entering clinical trials, indicating a competitive landscape for PD-1/VEGF bispecific antibodies [3][4]. Group 4: Industry Trends - The surge in business development (BD) transactions in the PD-1/VEGF bispecific antibody sector reflects increasing interest from multinational pharmaceutical companies in Chinese innovative drug assets [6]. - In 2025, the total value of Chinese innovative drug licensing transactions exceeded $130 billion, surpassing the U.S. for the first time, indicating a significant shift in the global pharmaceutical landscape [7][8]. Group 5: Future Outlook - The increasing recognition of Chinese innovative drugs is attributed to their rapid development and the ability to meet unmet clinical needs, enhancing their bargaining power in international collaborations [8][9]. - The industry is witnessing a transition from following to leading in drug innovation, with a clear direction for the future of Chinese pharmaceutical development [10].