AbbVie agreed to license ex‑China rights to RemeGen’s PD‑1×VEGF bispecific (RC148), paying $650 million up front with potential milestones totaling several billion dollars. The deal, disclosed at JP Morgan, grants AbbVie rights to a PD‑1/VEGF dual-targeting antibody that aims to combine immune checkpoint blockade with anti‑angiogenic activity—an approach several companies are advancing from China into global development. AbbVie said it will explore combinations, including antibody‑drug conjugates, to expand the therapeutic profile. Industry observers view the transaction as further evidence that big pharmas are buying into China‑originated bispecific programs to accelerate oncology pipelines and secure late‑stage options in competitive modalities.