RemeGen Sells License to Anti-tumor Medicine RC148; Shares Jump 9%

MT Newswires Live

01/13

RemeGen (HKG:9995) sold the license to its RC148 medicine to AbbVie, under a deal with an upfront payment of $650 million, according to a Hong Kong bourse filing Monday.

Shares of the biopharmaceutical research company gained over 9% in morning trade Tuesday.

The license covers all regions outside Greater China, and RemeGen is eligible to receive up to a further $4.95 billion in milestone payments. The firm will also receive royalties on the sales of the drug once it is commercialized.

RC148 is being developed as an anti-tumor medicine.

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