Crescent Biopharma, Inc. (CBIO), on Thursday announced an exclusive partnership with Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. to develop and commercialize oncology therapeutics, including novel combinations. The company also said it has agreed to a private securities deal expected to raise about $185 million before fees. Crescent shares jumped more than 36% in pre-market trading.
The collaboration covers Crescent's CR-001 and Kelun-Biotech's SKB105, both being developed for solid tumors and expected to enter Phase 1/2 monotherapy trials in the first quarter of 2026.
Under the agreement, Crescent has granted Kelun-Biotech exclusive rights to research, develop, manufacture and commercialize CR-001 in Greater China, while Kelun-Biotech has granted Crescent exclusive rights to develop and commercialize SKB105 in the United States, Europe and all other markets outside Greater China.
The partnership includes development of both candidates as monotherapies and evaluation of CR-001 in combination with SKB105. Both companies may independently pursue additional combinations for CR-001.
Kelun-Biotech will receive an $80 million upfront payment and is eligible for up to $1.25 billion in milestones, plus tiered middle single-digit to low double-digit royalties on SKB105 sales. It may also receive an additional payment if Crescent undergoes a near-term change of control or sublicenses the program. Crescent will receive a $20 million upfront payment and is eligible for up to $30 million in milestones, plus tiered low to middle single-digit royalties on CR-001 sales.
The $185 million private placement will fund several key clinical data readouts starting in the first quarter of 2027 and is expected to extend Crescent's cash runway into 2028, the company said in a statement.
Crescent Biopharma shares closed at $13.41, up 2.44% on Wednesday.
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