In-Depth Analysis of the Strategic Impact of Remegen's RC148 Overseas Licensing

Now I will provide you with a systematic and comprehensive analysis report.

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On January 12, 2026, Remegen (9995.HK) entered a blockbuster BD deal with AbbVie (ABBV), granting AbbVie the exclusive rights to develop, manufacture, and commercialize its self-developed PD-1/VEGF bispecific antibody RC148 in regions outside Greater China[1][2].

Item	Amount/Terms	Strategic Significance
Upfront Payment	USD 650 million (approximately RMB 4.533 billion)	Replenish cash flow and ease liquidity pressure
Milestone Payments	Up to USD 4.95 billion	Tied to clinical development progress
Royalty Payments	Double-digit tiered royalties	Long-term value sharing
Total Transaction Value	Up to USD 5.6 billion	The third-largest BD deal for Chinese innovative drugs in 2025

This marks another major overseas licensing deal for Remegen following the 2021 licensing of its ADC drug Disitamab Vedotin to Seagen, and is also the company’s third core product “go global” transaction since 2025[1][3].

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As of 2025, the global PD-1/VEGF bispecific antibody track is characterized by “Chinese innovation leading, multinational pharmaceutical companies scrambling to lay out”:

Ranking	Company/Product	Partner	Clinical Phase	Upfront Payment (USD 100 million)	Total Transaction Value (USD 100 million)
1	Akeso AK112	Summit	Approved/Registered	5	50
2	3SBio SSGJ-707	Pfizer	Phase III	12.5	60
3	Remegen RC148	AbbVie	Phase II	6.5	56
4	LM Pharmaceuticals LM-299	Merck	Phase II	5.88	32.88
5	Promis Pharmaceuticals PM8002	BioNTech	Phase III	8	10.55

• Akeso Leads in Progress
  : AK112 (Ivonescimab) is the world’s first and only PD-1/VEGF bispecific antibody that demonstrated significantly superior efficacy over Keytruda (Pembrolizumab) in a Phase III head-to-head clinical trial, and has been approved for two NSCLC indications in China[4][5]
• Remegen Faces Progress Challenges
  : RC148 is currently in Phase II clinical development, lagging behind Akeso by approximately 2-3 years[1][6]

Despite lagging in development progress, RC148 has unique competitive barriers:

• RC148 adopts a self-developed
  Nanobody
  at the VEGF-targeting end, which is significantly different from the traditional bevacizumab structure[6]
• This innovative structure brings superior affinity and safety profiles

Phase II clinical data presented at the 2025 ESMO Immuno-Oncology Congress shows[6]:

Indication	ORR	DCR	Special Notes
PD-1-resistant NSCLC (RC148 + Docetaxel)	66.7%	95.2%	Designated as a “Breakthrough Therapy” by CDE
PD-L1 High-Expression Subgroup (TPS ≥ 50%)	77.8%	-	Significantly superior to peer products

• RC148 targets patients with resistance to PD-1/PD-L1 inhibitors, a major unmet need in current cancer immunotherapy[6]
• Early studies show that RC148 can improve the tumor microenvironment and enhance the penetration and killing effect of ADC drugs on tumor cells

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Financial data of AbbVie for the first three quarters of 2025 shows[7][8]:

Business Segment	Revenue (USD 100 million)	YoY Growth Rate	Proportion
Immunology	2178	+12.3%	48.9%
Neuroscience	780.6	+20.3%	17.5%
Oncology	499.1	+2.6%	11.2%
Aesthetics	357.4	-7.8%	8.0%
Ophthalmology	152.9	-4.2%	3.4%

• Oncology segment revenue accounts for only 11% of total revenue, far lower than Immunology (49%)
• The growth rate is only 2.6%, significantly lagging behind Neuroscience (20.3%) and Immunology (12.3%)
• Sales of its core product Ibrutinib (Imbruvica) decreased by 12.1% YoY, facing dual pressures of patent cliff and intensified BTK competition[7][8]

AbbVie has rapidly expanded its ADC pipeline through mergers and acquisitions and BD transactions in recent years[7][9]:

• 2024
  : Acquired ImmunoGen for USD 10.1 billion to obtain the FRα ADC drug Elahere (already launched)
• 2025
  : Completed more than 10 BD transactions to introduce multiple trispecific antibodies
• Strategic Intent
  : Build an oncology treatment portfolio of “immune activation + precise killing + microenvironment improvement”

Dimension	Evaluation	Description
Global Clinical Development Capability	★★★★☆	Has a mature global clinical trial network and regulatory experience
Commercialization Capability	★★★★★	Has a well-established commercialization system for oncology products, with Elahere growing rapidly (+53.7%)
ADC Platform Synergy	★★★★★	Has ADC assets such as Teliso-V and Elahere, which are highly complementary to RC148
Financial Strength	★★★★★	Has sufficient cash on hand, with BD budget doubled in 2025
Execution Speed	★★★★☆	Only 5 months from the statement in Q2 2025 to the completion of the BD deal, acting quickly

RC148 needs to meet the following conditions simultaneously to achieve overtaking:

✅

• RC148 focuses on PD-1-resistant NSCLC, forming a dislocation competition with Akeso’s first-line NSCLC focus
• AbbVie can use its global clinical resources to rapidly expand indications beyond lung cancer (gastric cancer, pancreatic cancer, etc.)

✅

• AbbVie clearly values the synergistic potential of RC148 with its ADC pipeline
• The “immune activation + precise killing” combination therapy may create an incremental market
• Remegen has initially verified the synergistic effect of RC148 + ADC[6]

✅

• Immunotherapy resistance is a huge unmet market (millions of patients worldwide)
• If RC148 can establish efficacy advantages in this field, it can achieve differentiated competition

⚠️

• A progress gap of about 2-3 years; Akeso has completed registration and initiated overseas BLA submission
• AbbVie has relatively limited commercialization experience in solid tumors
• Competition in the PD-1/VEGF track continues to intensify

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• The USD 650 million upfront payment will significantly improve the company’s liquidity, easing the liquidity pressure previously questioned by the Shanghai Stock Exchange inquiry letter[1][3]
• Milestone payments are tied to R&D progress, forming a benign “R&D - return” cycle

Item	Before the Transaction	After the Transaction
Revenue Sources	Mainly product sales (Telitacicept, Disitamab Vedotin)	Product sales + BD milestones + royalty sharing
Revenue Certainty	High (products already launched)	Milestone revenue tied to R&D progress
Valuation Support	Pipeline value	Overseas rights value endorsed by MNC

• Cooperation with a top 3 global pharmaceutical company (AbbVie) proves that Remegen’s innovative R&D capabilities have reached international standards
• Gaining recognition from an MNC again after Seagen, strengthening its position as a “benchmark for Chinese innovative drugs”

• Remegen can focus on the development of the Chinese market and subsequent pipeline layout
• High investment and regulatory risks of overseas market development are borne by AbbVie[3]
• The “RC148 + ADC” joint development strategy is highly aligned with AbbVie’s strategy

• Completed three core product licensing transactions in 2025 (Vor Bio, Santen Pharmaceutical, AbbVie)
• Verified the feasibility of the company’s “independent R&D + licensing” business model

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Evaluation Dimension	Rating	Description
RC148 Competitive Position	★★★★☆	Clear differentiated positioning, but lags in progress
AbbVie’s Support Capability	★★★★★	High alignment in capital, platform, and strategy
Reasonableness of Transaction Terms	★★★★★	Reasonable upfront payment amount, sound risk-sharing mechanism
Long-Term Value	★★★★☆	Need to pay attention to clinical data readout and milestone progress

Time	Catalyst	Importance
2026	Update of RC148 Phase II clinical data	★★★★★
2026	FDA approval to initiate Phase III clinical trial	★★★★★
2026	AbbVie launches global development plan for RC148	★★★★☆
2026	Data of RC148 + ADC combination therapy	★★★★☆
2027	Initiation of the first overseas registration clinical trial	★★★★☆

1. Clinical R&D Risk
   : The conversion success rate from Phase II to Phase III is approximately 30-40%
2. Progress Gap Risk
   : Akeso leads by about 2-3 years, and the first-mover market advantage may be seized
3. Intensified Competition Risk
   : Merck, Pfizer, and BMS are all accelerating their layout
4. Regulatory Risk
   : FDA’s safety requirements for bispecific antibodies are becoming stricter
5. Cooperation Execution Risk
   : Cases of BD “returns” are increasing (ImmuneOnco Biopharma/Instil Bio incident)

• Short-term (within 6 months)
  : The upfront payment from the BD deal will improve cash flow, which is expected to support the stock price
• Mid-term (6-12 months)
  : Pay attention to the readout of RC148 clinical data and AbbVie’s global development plan
• Long-term (1-3 years)
  : Depends on whether RC148 can establish clinical advantages in differentiated indications

• This is a strategic “positioning” deal; even if RC148 lags behind Akeso in progress, its synergistic potential with the ADC pipeline is still attractive
• AbbVie’s participation further validates the potential of PD-1/VEGF bispecific antibodies as “next-generation core drugs for cancer immunotherapy”

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[1] Sina Finance - “Total Value Exceeds RMB 39 Billion! Remegen Secures a Large Overseas Licensing Deal” (https://finance.sina.com.cn/stock/t/2026-01-13/doc-inhhcszr7550334.shtml)

[2] Securities Times - “Remegen Secures a USD 5.6 Billion Deal: Why is Bispecific Antibody Technology Frequently Favored by Multinational Giants?” (https://www.stcn.com/article/detail/3591424.html)

[3] 21st Century Business Herald - “PD-(L)1/VEGF Track Tackling, Ivonescimab Targets the First Overseas Indication” (https://www.21jingji.com/article/20251022/herald/76b95f7d819fd77943c9c5b455df9ff1.html)

[4] Industrial Securities - “Akeso (09926.HK): Bispecific Antibody Leader Expected to Reshape the Global IO Treatment Landscape” (PDF Research Report)

[5] PharmaCube - “Looking for the Next Keytruda: Can PD-(L)1/VEGF Bispecific Antibodies Take the Lead?” (https://www.cbpfcn.com/news/4523)

[6] Remegen Official Website - “AbbVie Bets on Remegen’s RC148, New Changes in the Bispecific Antibody Track” (https://www.remegen.com/index.php?v=show&cid=40&id=9969)

[7] PatSnap Synapse - “AbbVie Q1-Q3 2025: Two Core Autoimmune Drugs Generate USD 18.5 Billion in Revenue” (https://synapse.zhihuiya.com/blog/艾伯维2025年前三季度：自免双星创收185亿美元)

[8] CSC Financial Co., Ltd. - “AbbVie: U.S. Pharmaceutical Giant Focused on Immuno-Oncology” (PDF Research Report)

[9] SPD Bank International - “Akeso (9926.HK): It is Recommended to Pay Attention to AK112 HARMONi-6 Data in the Second Half of the Year” (PDF Research Report)