AbbVie announced an exclusive licensing deal with China’s RemeGen to develop, manufacture and commercialize RC148, a PD‑1/VEGF bispecific antibody. AbbVie paid $650 million up front and can trigger up to $4.95 billion in milestones; RemeGen keeps Greater China rights. Early clinical data cited by both companies suggest RC148 may combine immune‑checkpoint blockade with anti‑angiogenic effects, a dual mechanism being pursued broadly in oncology. The agreement gives AbbVie ex‑China global rights and the ability to combine RC148 with antibody‑drug conjugates (ADCs) in its oncology portfolio, according to company statements and BIOCENTURY reporting. RemeGen retains development and commercialization in Greater China and receives tiered double‑digit royalties outside China. The transaction underscores continued Big Pharma demand for bispecifics that target tumor immune suppression and the tumor microenvironment. Deal terms and early clinical activity place RC148 squarely in a crowded PD‑1/VEGF race; AbbVie framed the asset as complementary to its ADC pipeline. The size of the upfront payment and milestone potential signal the commercial and strategic importance companies place on dual‑target immunotherapies in solid tumors.