REMEGEN CO LTD(9995.HK)：LICENSED OUT RC148 TO ABBVIE AT DEAL SIZE OF ABBVIE AT DEAL SIZE OF US$5.6BN

Core Viewpoint - RemeGen has entered a licensing agreement with AbbVie for RC148, which includes significant upfront and milestone payments, indicating strong market expectations for the drug's potential [1] Company Summary - RemeGen will receive an upfront payment of US$650 million and milestone payments of up to US$4.95 billion from AbbVie for the rights to develop, manufacture, and commercialize RC148 outside Greater China [1] - The licensing agreement is expected to alleviate RemeGen's cash position, which was RMB1.45 billion as of September 30, 2025 [2] Clinical Data Summary - RC148 demonstrated an overall response rate (ORR) of 61.9% and a disease control rate (DCR) of 100% in first-line PD-L1-positive NSCLC patients [2] - In combination with docetaxel for second/third-line NSCLC, RC148 showed an ORR of 66.7% and a median progression-free survival (mPFS) of 8.3 months [2] - The safety profile of RC148 is considered manageable, with clinical benefits observed across all subgroups [2] Industry Insights - The licensing-out activity in the China healthcare industry is expected to remain robust in 2026, particularly in the area of immuno-oncology (IO) [2] - The transaction reflects overseas recognition of RemeGen's R&D capabilities and highlights the competitive landscape of the PD-(L)1/VEGF market, with other companies like Pfizer also advancing their products [2]