Oncology company AbbVie (NYSE: ABBV) and biopharmaceutical company RemeGen announced on Monday that the companies have entered into an exclusive licensing agreement for the development, manufacturing and commercialisation of RC148, a novel PD-1/VEGF-targeted bispecific antibody for the treatment of advanced solid tumours. RC148 is being evaluated as a monotherapy and in combination regimens across multiple tumour types, including certain lung cancers.

RC148 targets both Programmed Cell Death-1 and Vascular Endothelial Growth Factor, a dual mechanism designed to enhance immune-mediated tumour control while addressing tumour resistance pathways. Early clinical studies have demonstrated initial antitumour activity, including in combination with antibody-drug conjugates, supporting its potential role in multi-modal oncology treatment strategies.

This transaction strengthens AbbVie's oncology pipeline and creates opportunities to explore RC148 in combination with AbbVie's antibody-drug conjugates, including investigational telisotuzumab adizutecan, across high unmet-need indications such as non-small cell lung cancer and colorectal cancer.

Under the terms of the agreement, AbbVie will obtain exclusive rights to RC148 outside Greater China. RemeGen will receive an upfront payment of USD650m and is eligible for up to USD4.95bn in aggregate development, regulatory and commercial milestone payments, in addition to tiered double-digit royalties on net sales outside Greater China.

China-based RemeGen will retain rights within Greater China and continue to advance its differentiated biologics pipeline spanning oncology, autoimmune and ophthalmology indications.