AbbVie struck an exclusive out‑of‑China license for RemeGen’s PD‑1×VEGF bispecific, paying $650 million up front with total deal value reported in the billions contingent on milestones. The agreement, disclosed around the JP Morgan Healthcare Conference, gives AbbVie a stake in one of oncology’s most competitive bispecific classes and signals big pharma appetite for next‑generation checkpoint/angiogenesis combos. Under the terms reported by company statements and industry outlets, AbbVie gains global rights outside greater China and could pay additional development, regulatory, and commercial milestones. RemeGen’s RC‑148 joins a crowded PD‑1×VEGF field where partners are eyeing combination strategies including antibody–drug conjugates and ADC pairings. The deal materially expands AbbVie’s oncology portfolio and underscores continued M&A/licensing activity at JPM. Who’s involved: AbbVie, RemeGen; reported at JP Morgan and covered by BioCentury and other industry outlets. The commercial and clinical paths for bispecific PD‑1×VEGF candidates will determine whether the upfront investment translates into long‑term market share and returns.