Crescent Biopharma partners with Kelun-Biotech on CR-001/SKB105, raises $185M

CRESCENT BIOPHARMA, INC.

Licenses CR-001 to Kelun-Biotech for Greater China; receives $20M upfront and up to $30M milestones.
In-licenses SKB105 (ADC) from Kelun for ex-China markets; pays $80M upfront and up to $1.25B milestones.
Private placement of ~$185M at $13.41/share, led by Jefferies and others; closing expected Dec 8, 2025.
Cash runway extended into 2028; Phase 1/2 monotherapy trials for CR-001 and SKB105 expected Q1 2026.
Pipeline milestones set through 2027; combination trials of CR-001 with ADCs planned.

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accession 0001628280-25-055221

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