AbbVie agreed to acquire ex‑China rights to RemeGen’s RC148, a PD‑1/VEGF‑targeted bispecific antibody, in a licensing deal that includes a $650 million upfront payment and up to $4.95 billion in milestones. RC148 is in clinical testing for multiple advanced solid tumors and is being evaluated for combination approaches, including with antibody‑drug conjugates. The transaction gives AbbVie global development, manufacturing and commercial responsibilities outside Greater China while RemeGen retains rights within China. Early clinical data showed activity in combination with chemotherapy and ADCs, positioning RC148 as a potential backbone for combination regimens. The economics and strategic fit expand AbbVie’s oncology portfolio into the rapidly crowded PD‑1/VEGF bispecific field.