Xin Lang Cai Jing·2026-01-16 02:04Group 1 - The core point of the article is that Rongchang Biologics (09995) has entered into an exclusive licensing agreement with AbbVie for RC148, which will provide significant upfront and milestone payments to Rongchang [1][5] - Rongchang Biologics will receive an upfront payment of $650 million and potential milestone payments of up to $4.95 billion, along with a tiered sales royalty in the double-digit percentage range [1][5] - The report from CMB International suggests that the short-term direct impact of this deal on similar target products is limited due to the first-mover advantage held by competitors like Kangfang Biologics and 3SBio [1][5] Group 2 - CMB International is optimistic about the progress of Taitasip and Vidisizumab in overseas registration studies by 2026, as well as the advancement of early-stage products in more indications [1][5] - The firm has raised its revenue forecasts for Rongchang Biologics for 2026 to 2027 and increased the target price to HKD 136 [1][5]