Freshfields, Cooley and Global Law Office have advised Chinese biotech RemeGen on an exclusive licensing agreement, valued at USD5.6 billion, with global biopharmaceutical company AbbVie for its RC148 antibody drug.
Under the 12 January agreement, AbbVie will acquire exclusive rights to develop, manufacture and commercialise RC148 – a new PD-1/VEGF bispecific antibody drug – outside Greater China. RemeGen will receive an upfront payment of USD650 million and is eligible for up to USD4.95 billion in development, regulatory and commercial milestone payments, along with double-digit tiered royalties on net sales outside Greater China.
The deal is the latest overseas licensing success for RemeGen following Telitacicept and RC28-E. In recent years, several Chinese biopharma companies have licensed out PD-1/VEGF bispecific antibody therapies, including 3SBio to Pfizer and LaNova Medicines to Merck & Co.
Freshfields advised AbbVie, with partner Kristen Riemenschneider leading a cross-border team. Partner Richard Bird and counsel Ma Ya provided support on China matters, partner Brock Dahl advised on US data privacy, and partner Daniel Cendan counselled on healthcare compliance.
Cooley acted as RemeGen’s legal counsel, with a cross-office team led by partner Lila Hope advising on life sciences partnering and licensing, antitrust, cyber/data/privacy, intellectual property, tax and related matters. Global Law Office advised RemeGen on PRC compliance.
RC148 is the first clinical-stage asset developed under RemeGen’s bispecific antibody platform. It aims to simultaneously activate anti-tumour immunity and inhibit tumour-driven angiogenesis. The drug is currently undergoing clinical monotherapy and combination trials in solid tumours.
RemeGen, founded in 2008, is a leading Chinese biopharmaceutical company focused on autoimmune, oncology and ophthalmology. It was listed on the HKEX in 2020 and on the SSE in 2022. In 2021, its antibody?drug conjugate disitamab vedotin became China’s first marketed ADC (antibody-drug conjugate) and set a record for the highest?value overseas licensing deal for a Chinese innovative drug at the time.
