“双抗”56亿美元“出海” 荣昌生物资金压力缓解

Core Viewpoint - Rongchang Biologics has signed an exclusive licensing agreement with AbbVie for the dual-specific antibody drug RC148, valued at approximately $5.6 billion (about 39.06 billion RMB), marking a significant milestone in the company's business development efforts [1][3]. Group 1: Business Development Transactions - The agreement with AbbVie includes an upfront payment of $650 million (about 4.53 billion RMB) and potential milestone payments of up to $4.95 billion (about 34.53 billion RMB) based on development, regulatory, and commercialization achievements [3]. - This transaction is noted as the highest upfront payment recorded in the innovative drug sector for business development (BD) transactions at the start of the year [3]. - Since 2025, Rongchang Biologics has completed three BD transactions, including the recent agreement with AbbVie, indicating a strategic push for international expansion [5][6]. Group 2: Financial Performance - For the first three quarters of 2025, Rongchang Biologics reported revenue of approximately 1.72 billion RMB, a year-on-year increase of 42.27%, while the net loss narrowed to 551 million RMB [7]. - The company’s cash reserves reached 1.07 billion RMB by the end of Q3 2025, an increase from 743 million RMB and 763 million RMB at the end of 2023 and 2024, respectively [7]. - Despite the increase in cash reserves, the company still faces a high debt ratio of 61.18% as of Q3 2025, indicating ongoing financial pressure [7]. Group 3: Market Reaction - On January 13, following the announcement of the AbbVie deal, Rongchang Biologics' A-shares hit the daily limit, closing at a 20% increase, with a total trading volume of 2.369 billion RMB [2]. - The H-shares also experienced a significant rise, closing up 7.87% [2]. - The market's positive response reflects investor confidence in the potential of the RC148 drug and the strategic partnership with AbbVie [6][8].