AbbVie struck an exclusive licensing deal with RemeGen to acquire rights to a PD‑1/VEGF bispecific antibody program, paying $650 million up front and agreeing to development and commercial milestones that could push the deal value into the billions. The transaction places AbbVie squarely in a crowded but fast-moving immuno‑oncology niche focused on dual checkpoint and angiogenesis targeting. RemeGen will retain greater‑China rights while AbbVie takes responsibility elsewhere, a common structure for U.S. and China cross‑border oncology deals. The asset expands AbbVie’s oncology portfolio and signals continued big‑pharma willingness to pay for bispecific approaches that combine immune stimulation with tumor microenvironment modulation.