Ge Long Hui·2026-01-23 02:49Group 1 - UBS expresses a positive outlook on the collaboration between Rongchang Biopharma and AbbVie, which grants overseas rights for RC148 (PD-1/VEGF) [1] - The collaboration includes an upfront payment of $650 million, potential milestone payments of up to $4.95 billion, and double-digit tiered royalties on net sales outside Greater China [1] - UBS believes that AbbVie, as a multinational pharmaceutical company, will enhance the global development and commercialization of RC148, and holds a favorable view on the differentiated development strategy of RC148 [1] Group 2 - The upfront payment is expected to improve Rongchang Biopharma's net debt situation, with multiple new drug approvals anticipated to enable the company to achieve breakeven starting in 2026 [1] - UBS upgrades Rongchang Biopharma's rating from "Neutral" to "Buy," raising the target price from HKD 63.8 to HKD 120 [1]