Crescent Biopharma has struck a deal to pay Kelun-Biotech $80 million for ex-China license to an antibody-drug conjugate, giving the company another asset to pair with its own PD-1xVEGF bispecific candidate.
The Massachusetts biotech went public in June through a reverse merger with GlycoMimetics, raising $200 million to push forward a program engineered to mirror the profile of Akeso and Summit Therapeutics’ ivonescimab – the leading contender in a competitive bispecific landscape that has drawn major investments from Bristol Myers Squibb, Pfizer and Merck & Co.
As a later entrant in the PD-1xVEGF field, Crescent is bolstering its pipeline by acquiring rights to Kelun’s integrin beta-6 (ITGB6)–targeting ADC, SKB105. The agreement includes up to $350 million tied to development milestones and as much as $903 million in potential commercial payments.
Crescent is moving its PD-1xVEGF bispecific CR-001 in the other direction, granting Kelun rights in greater China. Under the deal, Kelun will pay $20 million upfront and up to $30 million in potential development achievements.
The partnership enables CR-001 to generate clinical evidence simultaneously in worldwide and China-based studies. Crescent plans to launch a phase 1/2 trial of CR-001 in solid tumors in early 2026, with proof-of-concept results expected the following year. Kelun is progressing SKB105 (designated by Crescent as CR-003) on a nearly identical schedule. A combined phase 1/2 study of the bispecific and ADC is slated for 2027.
ITGB6 appears across multiple solid tumor types, including lung and breast cancers. Its expression on cancer cells has prompted several companies – among them Sutro Biopharma, Pfizer via its Seagen acquisition, and Pinotbio – to pursue ADCs that target the protein.
Crescent also intends to test its bispecific alongside another ADC, CR-002. This asset is engineered to deliver a topoisomerase-blocking cytotoxic payload to PD-L1, a long-standing focal point in immuno-oncology. The company expects to begin a phase 1/2 study of CR-002 midway through 2026 and aims to present proof-of-concept findings the following year. Pfizer likewise has a PD-L1-targeting ADC in clinical development.
Crescent’s research strategy draws on lessons from developers with more mature PD-1xVEGF bispecific programs, enabling CEO Joshua Brumm to portray CR-001’s later entry into the field as an advantage rather than a drawback.
Brumm told investors on the deal-related call that the progress made by others in the field has laid valuable groundwork, adding that moving quickly as a follower allows the company to benefit from those insights. He noted that their blended development strategy is central to the plan and should help them advance top-tier treatments across every possible indication.
Crescent plans to back its research through a $185 million private placement announced with the Kelun agreement. With support from investors such as Fairmount, Forbion and Vestal Point Capital, the company has pushed its cash runway out to 2028. By that point, results from Crescent and Kelun programs should offer early signals about the potential of its therapies alone and in combinations overall.
The Kelun deal positions Crescent to become a significant player in the bispecific and ADC space. By pairing CR-001 with SKB105 or CR-002, Crescent could explore synergistic approaches to treat solid tumors more effectively.
Additionally, Crescent’s dual development strategy — running trials both domestically and in China — may accelerate global regulatory insights and potentially shorten timelines for pivotal studies. The company’s approach also strengthens its ability to respond to competitive pressures, as it can adapt quickly based on emerging data from other PD-1xVEGF or PD-L1 programs.
Beyond clinical implications, Crescent’s expanded portfolio may enhance partnerships with larger pharma companies, attract additional investment, and support long-term growth. The combination of strategic acquisitions, clinical innovation, and financial planning gives Crescent a stronger platform to compete in the evolving oncology landscape.
The Kelun partnership marks a pivotal step for Crescent, reinforcing its commitment to advancing innovative cancer therapies. With multiple ADCs and bispecific programs in development, Crescent is well-positioned to deliver meaningful clinical results and strengthen its presence in the global oncology landscape over the coming years.
