Huaxi: Maintains "buy" rating on REMEGEN (09995) with RC148 dual antibodies entering overseas market worth 5.6 billion US dollars.

Huaxi releases research report, maintaining a "buy" rating on REMEGEN (09995). The company's independent research and development capabilities are strong, core product sales are steadily growing, the management team is experienced, clinical indications pipeline is steadily progressing, domestic and international layout is reasonable, and the commercial operation capabilities after the listing of public products are promising. Key points from Huaxi's report: Recent events According to the company's official public account, on January 12, the company announced the signing of an exclusive licensing agreement with AbbVie Group Holding Company for the company's independently developed novel PD-1/VEGF dual-specific antibody drug RC148. Under the agreement, AbbVie will have exclusive development, production, and commercialization rights for RC148 in areas outside of Greater China. The company will receive an upfront payment of $650 million and will be eligible to receive up to $4.95 billion in development, regulatory, and commercialization milestone payments, as well as double-digit tiered royalties on net sales in areas outside of Greater China. Product expansion overseas, international MNC collaboration to support overseas clinical layout Following the successive authorization of the company's core products RC18 and RC28 by 2025, this overseas expansion further validates the company's speed of expansion. According to PharmCube data: As of January 2026, a total of 17 PD-(L)1/VEGF dual-antibody drugs have entered clinical trial stage globally, with 5 of them having signed BD agreements including AKESO, Pumis, WuXi Biologics (terminated), Lixil Pharmaceutical, and 3SBIO. This transaction fully demonstrates the company's independent research and development capabilities. Meanwhile, according to the cooperating party's official website, international MNC AbbVie has multiple differentiated products such as the world's first FR targeting ADC drug Elaher, c-Met targeting ADC drug ABBV-400, SEZ6 targeting ADC drug ABBV706, and CD19 targeting ADC drug ABBV-319, achieving dual coverage of solid tumors and hematological malignancies. RC148 will strategically complement its existing oncology pipeline and further expand RC148's global layout. Positive data on PD-1/VEGF dual-antibody drugs, preliminary demonstration of advantages in combination therapy Based on the company's first disclosure of related data at the 2025 ESMO-IO Conference: In the population where efficacy can be evaluated, the objective response rate (ORR) reached 61.9% and the disease control rate (DCR) was 100% for monotherapy; for combination therapy, ORR reached 66.7% and DCR was 95.2%. Benefit in efficacy was observed in all subgroups, with manageable safety, demonstrating preliminary clinical advantages. In addition, according to the company's official website, in early clinical studies, RC148 has shown preliminary good anti-tumor activity when used in combination with antibody-drug conjugates (ADCs). The company is actively advancing related clinical trials, and is optimistic about the future clinical potential. Risk factors Clinical progress not meeting expectations; commercial performance not meeting expectations; be cautious of impacts from biosimilar products, centralized procurement pressures, and changes in competitive landscape.