Global law firm Freshfields advised AbbVie on its exclusive licensing agreement with RemeGen for the development, manufacturing and commercialization of RC148, a novel investigational Programmed Cell Death-1 (PD-1)/Vascular Endothelial Growth Factor (VEGF)-targeted bispecific antibody. RC148 is currently being developed by RemeGen as a monotherapy and in combination regimens across multiple advanced solid tumors. Under the terms of the agreement, AbbVie will receive exclusive rights to develop, manufacture, and commercialize RC148 outside of the Greater China territory. RemeGen will receive an upfront payment of USD $650 million and is eligible to receive up to USD $4.95 billion in aggregate development, regulatory, and commercial milestone payments, along with tiered, double-digit royalties on net sales outside the Greater China territory. The Freshfields team was led by partner Kristen Riemenschneider and included senior associate Jake Silvers and associates Shannon O’Hara and Jimmy Cao. Partner Richard Bird, counsel Ma Ya, senior associate Fan Li, and associates Yichen Xing and Tiffany Lam, and legal consultant Leslie Xu provided support on China matters. Partner Brock Dahl and senior associate Christine Chong advised on U.S. data privacy matters. Partner Daniel Cendan and associate Jennifer King advised on healthcare compliance matters.