Crescent Biopharma announced a strategic partnership with Sichuan Kelun‑Biotech that grants Kelun‑Biotech exclusive rights to develop, manufacture and commercialize Crescent’s lead bispecific antibody CR‑001 in Greater China, while Crescent receives exclusive rights to develop and market Kelun‑Biotech’s integrin‑beta‑6 directed antibody‑drug conjugate SKB105 (CR‑003) outside Greater China. The agreement creates a complementary geographic split that allows each company to focus on its strongest markets and expertise.
The partnership is designed to fast‑track the clinical development of both candidates. CR‑001, a PD‑1 × VEGF bispecific antibody, and SKB105, an ADC targeting integrin‑beta‑6, are slated to enter Phase 1/2 monotherapy trials in the first quarter of 2026. Both companies also plan combination studies, with initial data expected by the end of 2027, and will explore additional combinations of CR‑001 with other proprietary ADCs from each partner.
Crescent also completed a $185 million private placement of ordinary shares and pre‑funded warrants at $13.41 per share, with closing anticipated on December 8, 2025. The financing is projected to extend the company’s cash runway through 2028 and will fund preclinical work, the planned 2026 trials, and early‑stage combination studies. The price of $13.41 per share matched the stock’s closing price on December 3, 2025, indicating strong investor confidence in the company’s pipeline.
The collaboration positions Crescent to leverage Kelun‑Biotech’s established ADC platform and Greater China presence while expanding its own bispecific antibody reach. By securing exclusive rights in each other’s core markets, the companies reduce overlap and create a clear path to commercialization. The partnership also strengthens Crescent’s competitive positioning against other bispecific and ADC developers, as the combined pipeline targets solid tumors with complementary mechanisms of action. The $185 million infusion further supports this strategy by providing the capital needed to advance both programs and to pursue early combination data that could accelerate regulatory approval.
CEO Joshua Brumm highlighted the partnership as a “strategic win” that “accelerates our pipeline and expands our global reach.” Investors reacted positively, citing the dual catalysts of a high‑profile partnership and a substantial financing round that extends the company’s runway and underpins its clinical roadmap. The market’s enthusiasm reflects confidence in Crescent’s ability to execute on its ambitious development plan and to capitalize on the growing bispecific and ADC markets.
The partnership and financing together signal Crescent’s commitment to advancing its oncology portfolio and securing the resources necessary to bring its lead candidates to market. With a clear geographic split, accelerated trial timelines, and a robust cash position, the company is well positioned to navigate the competitive landscape and deliver on its long‑term growth objectives.
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