AbbVie and RemeGen have signed the first deal of the J.P Morgan Healthcare Conference 2026, with the companies agreeing to an exclusive oncology licensing agreement.
The oncology-focused deal – which is worth up to $5.6bn – centres around RemeGen’s programmed death ligand 1 (PD-1) and vascular endothelial growth factor (VEGF)-targeting bispecific antibody, RC148. The therapy is currently in clinical development for both non-small cell lung cancer (NSCLC) and colorectal cancer, both as a monotherapy and in combination with various antibody-drug conjugates (ADCs).
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Under the agreement, AbbVie will hand over $650m in upfront payments, while committing to pay up to $4.95bn if the therapy meets certain regulatory, development and commercial milestones.
In exchange, RemeGen will grant AbbVie the exclusive development, manufacturing and commercialisation rights to RC148 outside of the Greater China region. RemeGen will be entitled to receive tiered, double-digit royalties on net sales outside of Greater China if RC148 were to make it to market.
PD-1/VEGF target turns heads
As the oncology sector evolves, companies in the space are increasingly investing in targeted immunotherapies, with efficacious stalwarts like MSD’s (Merck & Co) Keytruda (pembrolizumab) and Bristol Myers Squibb’s Opdivo (nivolumab) becoming best-sellers.
To better harness the antitumour activity of such therapies and prevent treatment resistance, companies are now looking to combine targets to create stronger therapeutic options.
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By GlobalDataA notable variant garnering big pharma attention is the PD-1/VEGF bispecific, as its dual mechanism of action could potentially help overcome tumour resistance commonly seen with a singular target.
As these therapies hold potential to modulate immune suppression while promoting a favourable tumour microenvironment for the activity of ADCs, many companies are now developing PD-1/VEGF bispecifics in combination with ADCs to create new and efficacious treatment regimens.
According to Daejin Abidoye, AbbVie’s VP and head of oncology, solid tumour and haematology, merging immune checkpoint inhibition with an anti-angiogenic mechanism alongside the targeted cytotoxic activity of ADCs could allow the company to “identify meaningful options for patients across a range of solid tumours”.
Chinese therapies impress
Over the past six years, there has been a strong uptick in blockbuster deals involving PD-1/VEGF bispecifics, with MSD signing a global licensing agreement worth up to $3.28bn with LaNova Medicines for LM-299 back in November 2024.
Akeso has also invested in the rights to Summit Therapeutics’ PD-1/VEGF bispecific, ivonescimab, handing over $5bn to claim the rights to the therapy outside of China in 2022. On 12 January, Summit submitted a biologics license application (BLA) for ivonescimab in NSCLC to the US Food and Drug Administration (FDA), which could see the drug become the first PD-1/VEGF bispecific to gain US approval.
In 2025, Pfizer also hedged its bets on the PD-1/VEGF target, giving $1.25bn to 3SBio for the exclusive rights to bispecific antibody, SSGJ-707, except in China.
A notable trend observed in these acquisitions is their geography, as all three involve assets developed in China.
The ‘State of the Biopharmaceutical Industry 2026 Edition’ report from GlobalData, parent company of Pharmaceutical Technology, reveals that key opinion leaders (KOLs) see opportunities in collaborating with China, and that licensing deals involving Chinese biotech and pharma companies will continue into 2026.
In conversation with Pharmaceutical Technology, experts echoed this sentiment, noting that high-value oncology deals will continue to underpin China’s growth in the pharmaceutical sector, with Josh Smiley, president and COO of US-China biopharma Zai Labs, specifically mentioning PD-1/VEGF bispecifics as a strong area of interest.
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