BUSINESS

AbbVie Bets Big on Chinese Cancer Drug in $5.6 Billion Licensing Deal

Published: Jan. 15, 2026 1:33 a.m. GMT+8

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RC148 is a bispecific antibody targeting PD-1 and VEGF developed by RemeGen. Photo: VCG

Chinese biotech firm RemeGen Co. kicked off 2026 with a blockbuster licensing deal, transferring overseas rights for its experimental cancer drug RC148 to U.S. pharmaceutical giant AbbVie Inc., according to a Monday filing.

AbbVie will pay $650 million upfront and up to $4.95 billion in milestone payments, along with tiered royalties ranging from 10% to the low 20% range on global sales, excluding the Greater China region. The deal gives AbbVie exclusive global development, manufacturing, and commercialization rights to the drug.

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RemeGen licensed overseas rights for its cancer drug RC148 to AbbVie, receiving $650 million upfront and up to $4.95 billion in milestone payments.
RC148, a PD-1/VEGF bispecific antibody in early-stage trials, may advance next-generation cancer immunotherapy, especially when combined with ADCs.
The deal highlights regulatory and data-bridging challenges for Chinese biotech, amid increasing competition and scrutiny of cross-border drug approvals.

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Who’s Who

RemeGen Co.: RemeGen Co., a Chinese biotech firm, secured a significant licensing deal with AbbVie Inc. for its experimental cancer drug RC148. The agreement involves a $650 million upfront payment, up to $4.95 billion in milestone payments, and tiered royalties on global sales. This deal grants AbbVie exclusive development, manufacturing, and commercialization rights outside Greater China. RC148, a bispecific antibody, is in Phase 1/2 trials for lung and breast cancers.

AbbVie Inc.: AbbVie Inc. is a U.S. pharmaceutical giant that secured a licensing deal with Chinese biotech firm RemeGen Co. in early 2026. This agreement grants AbbVie exclusive global rights to RemeGen's experimental cancer drug, RC148, involving an upfront payment of $650 million and potential milestone payments up to $4.95 billion. Early clinical data suggest RC148, especially combined with ADCs, shows promise in lung and colorectal cancers.

Akeso Inc.: Akeso Inc. is a Chinese rival to RemeGen Co., and they pioneered the class of PD-1/VEGF bispecific antibodies with their drug ivonescimab. This drug is seen as a potential foundation for the next generation of cancer immunotherapy.

Merck & Co.: Merck & Co. (默沙东) is a US pharmaceutical giant. The company's drug, Keytruda, is a current cancer treatment. Merck has been active in licensing deals with Chinese biotechs, including a $588 million agreement with LaNova Medicines. They are also among the companies racing to develop next-generation tumor therapies combining immunotherapy with antibody-drug conjugates (ADCs).

AstraZeneca: AstraZeneca is mentioned in the context of pharmaceutical companies racing to develop combinations of immunotherapy and antibody-drug conjugates (ADCs) for tumor therapy. This approach is seen as the next generation of cancer treatment.

Pfizer: Pfizer is a pharmaceutical company that has been mentioned in the context of advancements in cancer immunotherapy. They are actively involved in building combinations of immunotherapy with antibody-drug conjugates (ADCs) for tumor therapy. Notably, Pfizer completed a $1.25 billion purchase of overseas rights to a 3SBio Inc. candidate.

3SBio Inc.: 3SBio Inc. is a Chinese biotech firm mentioned in the article in the context of licensing deals. Pfizer purchased the overseas rights to one of 3SBio Inc.'s candidate drugs for $1.25 billion. This deal is highlighted as one of the significant transactions in the past five years involving Chinese biotech firms developing PD-1/VEGF bispecifics.

LaNova Medicines: LaNova Medicines is a Chinese biotech company that secured a significant licensing deal with Merck. This agreement involved Merck paying $588 million for rights to one of LaNova Medicines' drug candidates, as part of a trend of large licensing deals between Chinese biotechs and global pharmaceutical giants.

Instil Bio: Instil Bio, a U.S.-based company, recently returned the development rights for a drug to ImmuneOnco Biopharmaceuticals Inc. This decision, made without explanation, followed slow progress in integrating Chinese trial data with U.S. studies.

ImmuneOnco Biopharmaceuticals Inc.: ImmuneOnco Biopharmaceuticals Inc. is a Chinese biotech firm whose development rights for a candidate drug were returned by U.S.-based Instil Bio without explanation. This occurred due to slow progress in bridging Chinese trial data to U.S. studies.

Summit Therapeutics: Summit Therapeutics, referred to as 晟天医药 in Chinese, recently submitted an FDA application for ivonescimab, relying on Chinese data. This has raised regulatory concerns due to a 12% difference in progression-free survival between Chinese and Western patients, potentially leading the FDA to request additional data.

SinoCellTech Inc.: SinoCellTech Inc. (Chinese: 中信国健药业) is a Chinese biotech firm mentioned alongside other Chinese companies like Shanghai Junshi Biosciences Co. Ltd., Tasly Pharmaceutical Group Co. Ltd., and Zhejiang Huahai Pharmaceutical Co. Ltd. They are actively advancing their own candidate drugs in domestic trials, contributing to the competitive landscape of bispecific antibodies in cancer immunotherapy.

Shanghai Junshi Biosciences Co. Ltd.: Shanghai Junshi Biosciences Co. Ltd. is a Chinese biotech company. The article mentions it as one of the Chinese players advancing its own drug candidates in domestic trials, specifically in the context of PD-1/VEGF bispecifics. This indicates its involvement in the competitive landscape of cancer treatment development within China.

Tasly Pharmaceutical Group Co. Ltd.: Tasly Pharmaceutical Group Co. Ltd. is a Chinese pharmaceutical company. Within the context of the article, it is mentioned as one of the Chinese players advancing its own candidates in domestic trials, specifically in the competitive field of bispecific antibodies for cancer immunotherapy.

Zhejiang Huahai Pharmaceutical Co. Ltd.: Zhejiang Huahai Pharmaceutical Co. Ltd. is a Chinese pharmaceutical company. The article mentions them as one of the Chinese players advancing their own candidates in domestic trials for cancer therapies. They are part of the competition in developing treatments, specifically in the field of combining immunotherapy with antibody-drug conjugates (ADCs).

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