The oncology-focused deal centres around RemeGen’s programmed death ligand 1 (PD-1) and vascular endothelial growth factor (VEGF)-targeting bispecific antibody, RC148. The therapy is currently in clinical development for both non-small cell lung cancer (NSCLC) and colorectal cancer, both as a monotherapy and in combination with various antibody-drug conjugates (ADCs).

Under the agreement, AbbVie will hand over $650m in upfront payments, while committing to pay up to $4.95bn if the therapy meets certain regulatory, development and commercial milestones.

In exchange, RemeGen will grant AbbVie the exclusive development, manufacturing and commercialisation rights to RC148 outside of the Greater China region. RemeGen will be entitled to receive tiered, double-digit royalties on net sales outside of Greater China if RC148 were to make it to market.