AbbVie struck a major oncology pact with China’s RemeGen, paying $650 million upfront to license a PD‑1xVEGF bispecific program. The deal formalizes AbbVie’s entry into a crowded bispecific field and secures a late‑stage asset and development rights that could accelerate the company’s oncology pipeline. RemeGen retains a development partner role while AbbVie assumes lead development and commercialization responsibilities. The agreement includes sizable near‑term cash and potential downstream milestones, positioning AbbVie to compete directly in the PD‑1/VEGF combination space where clinical differentiation and regulatory strategy will determine market access.