This is the latest in a series (of indefinite length and regularity) of blog posts memorializing cancelled toys. Our figure today is ToyBiz's "Fat Bat."
This character, designed in 1995 by Marvel mainstay Ron Lim, would likely have been part of the Spider-Man Arachniphobia line, which offered mash-ups of Spidey's various villains. Obviously, this one was a combination of Morbius and the Kingpin.
Whether this figure would have reused the existing Kingpin molds (for the torso and legs) or been an entirely new sculpt, ToyBiz never went past the concept stage, leaving this hand-drawn art the only evidence of its passing.