Crescent Biopharma (NASDAQ:CBIO) surged 12% on Thursday after announcing a new strategic alliance with Kelun-Biotech alongside a $185 million private placement aimed at accelerating its cancer drug pipeline.

Under the partnership, Kelun-Biotech receives exclusive rights to develop Crescent’s PD-1 x VEGF bispecific antibody (CR-001) in Greater China. In return, Crescent gains exclusive access to Kelun-Biotech’s integrin beta-6–targeting antibody-drug conjugate (CR-003/SKB105) in the U.S., Europe, and all markets outside Greater China.

The deal substantially broadens Crescent’s oncology portfolio and supports its push into combination therapy programs. The company now anticipates advancing three separate programs into clinical trials during 2026, with several important data readouts expected by late 2027.

CR-001, Crescent’s leading asset, is engineered to mimic the pharmacological profile of ivonescimab — a therapy that has demonstrated improved efficacy over pembrolizumab in non-small cell lung cancer studies. Crescent aims to launch a Phase 1/2 trial for CR-001 in the first quarter of 2026 and expects initial proof-of-concept results in early 2027.

The $185 million private placement — backed by investors including Forbion, Fairmount, Vestal Point Capital, and BVF Partners — is slated to close around December 8, 2025. Crescent says the capital will fund development efforts and extend its cash runway into 2028.

Once the financing is completed, Crescent will have approximately 33.3 million ordinary shares and equivalents outstanding. The proceeds will be used to advance both preclinical and clinical-stage product candidates.

Crescent Biopharma stock price

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