Core Insights - The collaboration between AbbVie and Rongchang Biopharma marks a significant shift in the global oncology treatment landscape, highlighting the trend of "Chinese innovation + global market" in drug development [1][2] Group 1: Collaboration Details - AbbVie and Rongchang Biopharma signed an exclusive licensing agreement for the development, production, and commercialization of RC148, a bispecific antibody targeting PD-1 and VEGF [1] - Rongchang Biopharma 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 - The deal allows Rongchang Biopharma to accelerate clinical trials for RC148 in China and globally, while also supporting the development of other pipelines [2] - AbbVie aims to enhance its product portfolio in immuno-oncology, particularly in the emerging PD-1/VEGF bispecific antibody space, which could improve its competitiveness in solid tumor treatments [2] Group 3: Industry Trends - 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 significant advancements and approvals, such as the launch of Ak112/Ivonescimab by Kangfang Biopharma, which is the first bispecific antibody combining tumor immunity and anti-angiogenesis mechanisms [3] Group 4: Broader Market Dynamics - The global interest in PD-1/VEGF bispecific antibodies is rising, with several Chinese firms successfully engaging in business development (BD) transactions, reflecting the increasing recognition of Chinese innovative drug assets by multinational pharmaceutical companies [6][7] - In 2025, the total value of Chinese innovative drug licensing transactions exceeded $130 billion, accounting for 49% of the global total, indicating a significant shift in the global pharmaceutical landscape [7][8] Group 5: Future Outlook - The increasing number of approved innovative drugs in China, along with the growing bargaining power of Chinese companies in licensing agreements, suggests a transition from a "follow" to a "lead" position in global pharmaceutical innovation [8][10] - The ability of Chinese companies to negotiate favorable terms in BD transactions is becoming crucial, emphasizing the importance of pipeline strength, data quality, and structured deal design [9][10]

肿瘤双抗治疗的战场再次传来重磅消息，一家中国创新药企与跨国巨头的牵手，不仅是单个药物的授权，更是全球肿瘤治疗格局加速演变的信 号。 1月12日，艾伯维（纽约证券交易所代码：ABBV）和荣昌生物宣布签署独家授权许可协议，共同开发、生产以及商业化RC148。RC148是一种 靶向程序性细胞死亡蛋白1（PD-1）和血管内皮生长因子（VEGF）的新型在研双特异性抗体，目前正由荣昌生物作为单药治疗及联合疗法， 针对多种晚期实体肿瘤进行开发。 根据协议，艾伯维将获得RC148在大中华区以外地区的独家开发、生产和商业化权利。荣昌生物将获得6.5亿美元的首付款，并有资格获得最 高达49.5亿美元的开发、监管和商业化里程碑付款，以及在大中华区以外地区净销售额的两位数分级特许权使用费。 有券商医药行业分析师对21世纪经济报道记者表示，从交易结构看，这是一次典型的"中国创新+全球市场"模式，荣昌生物通过RC148的海外 权益转让，不仅锁定了6.5亿美元首付款的现金流，还获得了最高可达49.5亿美元的里程碑收入，以及大中华区以外的销售分成。这笔交易对荣 昌生物的意义在于，充裕的资金可加速RC148在中国及全球的临床试验推进，并支持其 ...

21世纪经济报道记者季媛媛 肿瘤双抗治疗的战场再次传来重磅消息，一家中国创新药企与跨国巨头的牵手，不仅是单个药物的授 权，更是全球肿瘤治疗格局加速演变的信号。 1月12日，艾伯维（纽约证券交易所代码：ABBV）和荣昌生物宣布签署独家授权许可协议，共同开 发、生产以及商业化RC148。RC148是一种靶向程序性细胞死亡蛋白1（PD-1）和血管内皮生长因子 （VEGF）的新型在研双特异性抗体，目前正由荣昌生物作为单药治疗及联合疗法，针对多种晚期实体 肿瘤进行开发。 根据协议，艾伯维将获得RC148在大中华区以外地区的独家开发、生产和商业化权利。荣昌生物将获得 6.5亿美元的首付款，并有资格获得最高达49.5亿美元的开发、监管和商业化里程碑付款，以及在大中华 区以外地区净销售额的两位数分级特许权使用费。 有券商医药行业分析师对21世纪经济报道记者表示，从交易结构看，这是一次典型的"中国创新+全球 市场"模式，荣昌生物通过RC148的海外权益转让，不仅锁定了6.5亿美元首付款的现金流，还获得了最 高可达49.5亿美元的里程碑收入，以及大中华区以外的销售分成。这笔交易对荣昌生物的意义在于，充 裕的资金可加速RC148在 ...