Crescent Biopharma raises $185 million, partners with Kelun-Biotech

Crescent Biopharma Inc. (NASDAQ: CBIO) announced a $185 million private placement and strategic partnership with Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. to develop cancer therapeutics for solid tumors.

The partnership grants Kelun-Biotech exclusive rights to develop and commercialize Crescent's CR-001, a PD-1 x VEGF bispecific antibody, in Greater China. Crescent receives exclusive rights to develop Kelun-Biotech's SKB105 (CR-003), an integrin beta-6-directed antibody-drug conjugate, in the United States, Europe and other markets outside Greater China.

Crescent plans to initiate a Phase 1/2 clinical trial of CR-001 in the first quarter of 2026 for patients with solid tumors, including non-small cell lung cancer and gastrointestinal and gynecological tumors. The company expects to report proof-of-concept clinical data from this trial in the first quarter of 2027.

The company's pipeline includes CR-002, a topoisomerase inhibitor antibody-drug conjugate targeting PD-L1, with an investigational new drug application planned for mid-2026. Kelun-Biotech plans to initiate a Phase 1/2 trial of CR-003 (SKB105) in Greater China in the first quarter of 2026.

The private placement involves the sale of 13,795,685 ordinary shares at $13.41 per share to institutional and accredited investors. Participants include Forbion, Fairmount, Vestal Point Capital, BVF Partners, ADAR1, Balyasny Asset Management and Venrock Healthcare Capital Partners. The transaction is expected to close on December 8, 2025.

Following the transaction, approximately 33.3 million ordinary shares and ordinary share equivalents will be issued and outstanding. Crescent stated the proceeds will fund preclinical and clinical development and provide cash runway into 2028.

Jefferies, TD Cowen, Guggenheim Securities, Cantor and Wedbush served as placement agents, with Piper Sandler as financial advisor.

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