Kelun-Biotech and Crescent Biopharma Announce Strategic Partnership to Develop and Commercialize Novel Oncology Therapeutics

Rhea-AI Summary

Crescent Biopharma (Nasdaq: CBIO) and Kelun-Biotech (6990.HK) announced a strategic oncology partnership to develop and commercialize Crescent’s CR-001 (PD-1 x VEGF bispecific) and Kelun’s SKB105 (ITGB6-directed ADC).

Key terms: CR-001 and SKB105 are planned to enter Phase 1/2 monotherapy trials in Q1 2026; Kelun receives US$80M upfront plus up to US$1.25B in milestones and tiered royalties for SKB105 rights in Greater China; Crescent receives US$20M upfront plus up to US$30M in milestones and royalties for CR-001 rights outside Greater China. The collaboration includes monotherapy and combination development and cross‑territory exclusive commercial rights.

Positive

• CR-001 and SKB105 to enter Phase 1/2 monotherapy trials in Q1 2026
• Kelun receives US$80M upfront and up to US$1.25B in milestones for SKB105 Greater China rights
• Crescent receives US$20M upfront and up to US$30M in milestones for CR-001 ex-China rights
• Exclusive territorial rights split supports simultaneous regional development

Negative

• Milestone payments of up to US$1.25B to Kelun are contingent on clinical/commercial success
• Crescent’s potential US$30M in CR-001 milestones is contingent and not guaranteed

Key Figures

Upfront payment to Kelun US$80 million Kelun-Biotech upfront from Crescent for CR-001 rights in Greater China

Kelun milestones US$1.25 billion Additional milestones payable to Kelun-Biotech under SKB105 collaboration

Upfront payment to Crescent US$20 million Crescent upfront from Kelun-Biotech for SKB105 rights ex-Greater China

Crescent milestones US$30 million Additional milestones payable to Crescent under CR-001 collaboration

Market Reality Check

$11.11 Last Close

Volume Volume 120,794 is below the 20-day average of 202,310, indicating muted pre-news activity. low

Technical Price 15.31 is trading above the 200-day MA at 9.47, reflecting a pre-existing uptrend.

Peers on Argus

Within Biotechnology peers, moves were mixed: KYTX +3.21%, NTHI +6%, NVCT +2.57%, while CRBU -1.06% and IPHA -1.6%, suggesting CBIO’s reaction is more stock-specific than broad sector-driven.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 04	Partnership & financing	Positive	-4.2%	Kelun-Biotech partnership plus $185M private placement to extend cash runway.
Dec 04	Oncology partnership	Positive	-4.2%	Strategic CR-001 and SKB105 collaboration with cross-territory rights and milestones.
Nov 17	Inducement grants	Neutral	-0.5%	Employee inducement stock options under Nasdaq Listing Rule 5635(c)(4).
Nov 06	Earnings & pipeline	Positive	+5.4%	Q3 results, strong cash balance, and clear IND and Phase 1 timelines.
Nov 05	Investor conferences	Neutral	-0.1%	Planned presentations at multiple November healthcare investor conferences.

Pattern Detected

Recent partnership and financing news with Kelun-Biotech saw a negative price reaction despite strategically positive content, while earnings-related updates aligned with a positive move.

Recent Company History

Over the past month, Crescent Biopharma reported Q3 2025 results with cash of $133.3M and outlined IND and Phase 1 plans for CR-001, CR-002, and CR-003, which coincided with a +5.39% move. It then announced investor conference participation and inducement option grants with limited price impact. On Dec 4, 2025, Crescent disclosed a strategic partnership with Kelun-Biotech and a $185M private placement; despite the strategic breadth and funding runway into 2028, shares moved -4.21%, indicating occasional divergence on seemingly positive milestones.

Market Pulse Summary

This announcement outlines a strategic cross-border oncology partnership, granting Crescent ex-Greater China rights to SKB105 and providing US$20 million in upfront economics plus up to US$30 million in milestones. Both CR-001 and SKB105 are planned for Phase 1/2 trials in Q1 2026 with combination studies to follow. In context of prior financing and Q3 results, investors may track progress against these timelines and how future updates influence the stock’s divergence or alignment with positive news.

Key Terms

pd-1 medical

"CR-001, a PD-1 x VEGF bispecific antibody, and SKB105..."

PD-1 is a protein found on certain immune cells that acts like a brake, signaling the immune system to slow down and avoid damaging healthy tissue. Drugs that block PD-1 release that brake so immune cells can better attack cancer cells; because such therapies can produce large clinical benefits, regulatory approvals, trial outcomes, pricing and market uptake for PD-1 drugs can materially affect a drugmaker’s prospects and investor returns.

vegf medical

"CR-001, a PD-1 x VEGF bispecific antibody, and SKB105..."

Vascular endothelial growth factor (VEGF) is a naturally occurring protein that signals the body to grow new blood vessels, like a fertilizer prompts plants to sprout. It matters to investors because drugs that block or mimic VEGF can dramatically change outcomes for cancers and eye diseases, making them major drivers of clinical trial results, regulatory approvals, market value and future revenue potential for biopharma companies.

bispecific antibody medical

"CR-001, a PD-1 x VEGF bispecific antibody, and SKB105..."

A bispecific antibody is a specially designed protein that can attach to two different targets at the same time. Think of it as a custom-made connector that brings two things together—such as a disease cell and an immune system component—helping the body fight illnesses more effectively. For investors, understanding bispecific antibodies is important because they represent innovative therapies that could lead to new treatments and potentially lucrative market opportunities.

antibody-drug conjugate medical

"an integrin beta-6-directed antibody-drug conjugate (ADC) with a topoisomerase payload."

An antibody-drug conjugate is a targeted medicine that combines an antibody, which can identify specific cells, with a powerful drug designed to destroy those cells. This approach allows for precise treatment, minimizing damage to healthy tissue. For investors, developments in this area can signal advances in cancer therapies and potential growth opportunities in the biotech sector.

adc medical

"integrin beta-6 (ITGB6)-directed antibody-drug conjugate (ADC) with a topoisomerase payload."

An antibody-drug conjugate (ADC) is a targeted cancer medicine that pairs an antibody that recognizes specific markers on tumor cells with a potent cell-killing drug, connected so the toxic payload is delivered directly to the cancer. For investors, ADCs matter because successful ADCs can improve patient outcomes and reduce side effects compared with traditional chemotherapy, shaping clinical trial success, regulatory approval chances, commercial demand, and a company’s valuation much like a guided missile versus a general bomb.

phase 1/2 medical

"on track to enter Phase 1/2 monotherapy clinical trials in Q1 2026..."

Phase 1/2 is a combined early-stage clinical trial that first tests a new drug or treatment for safety and the right dose, then quickly expands to check if it shows any signs of working in patients. For investors, results from a Phase 1/2 study offer an early read on both risk and potential reward—like a prototype test that both confirms a product won’t harm users and suggests whether it could sell—helping guide valuation and development decisions.

monotherapy medical

"enter Phase 1/2 monotherapy clinical trials in Q1 2026 with combination studies..."

Monotherapy is a treatment approach that uses only one type of medicine or therapy to address a condition, instead of combining multiple options. For investors, understanding monotherapy matters because it can influence a company's development strategy, risk profile, and potential market size, especially if the single-treatment approach proves effective or faces limitations compared to combination therapies.

AI-generated analysis. Not financial advice.

Companies to advance CR-001, a PD-1 x VEGF bispecific antibody, and SKB105, an integrin beta-6-directed antibody-drug conjugate (ADC), in global markets and China

Collaboration designed to accelerate and expand the development of synergistic combinations with CR-001 and ADCs, including SKB105

CR-001 and SKB105 on track to enter Phase 1/2 monotherapy clinical trials in Q1 2026 with combination studies to follow

CHENGDU, China and WALTHAM, Mass., Dec. 04, 2025 (GLOBE NEWSWIRE) -- Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. ("Kelun-Biotech", 6990.HK), which focuses on the R&D, manufacturing, commercialization and global collaboration of innovative biological drugs and small molecule drugs, and Crescent Biopharma, Inc. (“Crescent”) (Nasdaq: CBIO), a biotechnology company dedicated to rapidly advancing the next wave of therapies for cancer patients, today announced that the companies have entered into a strategic partnership to develop and commercialize oncology therapeutics, including novel combinations.

The partnership involves Crescent’s CR-001, a PD-1 x VEGF bispecific antibody, and Kelun-Biotech’s SKB105, an integrin beta-6 (ITGB6)-directed antibody-drug conjugate (ADC) with a topoisomerase payload. Both candidates are being developed for the treatment of solid tumors and are expected to enter Phase 1/2 monotherapy clinical trials in the first quarter of 2026.

Under the terms of the collaboration, Crescent has granted Kelun-Biotech exclusive rights to research, develop, manufacture and commercialize CR-001 in Greater China (including mainland China, Hong Kong, Macau and Taiwan). In addition, Kelun-Biotech has granted Crescent exclusive rights to research, develop, manufacture and commercialize SKB105 in the United States, Europe and all other markets outside of Greater China. The partnership includes the development of these candidates as monotherapies, and also the evaluation of CR-001 in combination with SKB105. Both Crescent and Kelun-Biotech have the right to independently develop CR-001 in additional combinations, including combinations of CR-001 with proprietary ADC pipeline assets.

Dr. Michael Ge, chief executive officer of Kelun-Biotech, said, “We are pleased to have entered into a partnership with Crescent for two innovative assets, CR-001 and SKB105. This collaboration complements and strengthens our differentiated oncology pipeline by the addition of CR-001 and also enables us to advance the development of SKB105 in the global market, bolstering its potential commercial value and our global collaboration network. Our creative global partnership combines the capabilities of both companies to explore novel monotherapies and combination strategies for tumor treatments with SKB105 and CR-001. By leveraging China’s abundant clinical resources and execution efficiency, we aim to expedite clinical development while rigorously maintaining the highest global standards. We believe this partnership creates a powerful synergy to maximize the potential of these two drug candidates for the treatment of patients in both China and the rest of the world.”

“We are thrilled to be partnering with Kelun-Biotech, an established leader in the development and commercialization of ADCs who shares our commitment to bringing next generation therapeutics that can improve outcomes for people living with cancer,” said Joshua Brumm, chief executive officer of Crescent. “This collaboration expands our pipeline with the addition of SKB105, furthers our strategy of advancing multiple modalities across our portfolio, and accelerates our efforts to deliver synergistic combinations with CR-001, which has the potential to be a foundational backbone therapy. We look forward to working with Kelun-Biotech to drive innovative therapeutics with the potential to address multiple tumor types and transform cancer care.”

Under the collaboration, Kelun-Biotech will receive an upfront payment of US$80 million from Crescent and is also eligible to receive additional milestones of up to US$1.25 billion, plus tiered middle single-digit to low double-digit royalties on net sales of SKB105. Kelun-Biotech is also eligible to receive additional payment from Crescent if Crescent undergoes a near-term change of control or enters into a sublicense agreement with a third party. Crescent will receive an upfront payment of US$20 million from Kelun-Biotech and is also eligible to receive additional milestones of up to US$30 million, plus tiered low to middle single digit royalties on net sales of CR-001.

About CR-001 (also known as SKB118)

CR-001 is a tetravalent bispecific antibody being developed for the treatment of solid tumors that combines two complementary, validated mechanisms in oncology via a blockade of PD-1 and VEGF. PD-1 checkpoint inhibition is aimed at restoring T cells’ ability to recognize and destroy tumor cells, and blocking VEGF is intended for reducing blood supply to tumor cells and inhibiting tumor growth. In preclinical studies, CR-001 demonstrated cooperative pharmacology with increased binding to PD-1 and signal blockade in the presence of VEGF as well as robust anti-tumor activity. CR-001’s anti-VEGF activity may also normalize the vasculature at the tumor site, which has the potential to improve the localization and effectiveness of combination therapies, such as the administration of CR-001 with antibody-drug conjugates (ADCs). A global Phase 1/2 trial of CR-001 in patients with solid tumors is anticipated to commence in the first quarter of 2026.

About SKB105 (also known as CR-003)

SKB105 is a differentiated ADC targeting integrin beta-6 (ITGB6) with a topoisomerase 1 inhibitor payload. ITGB6 is overexpressed in many solid tumors, but shows minimal to no expression in most normal tissues, thereby potentially reducing the risk of systemic toxicity and off-target effects. SKB105 consists of an anti-ITGB6 fully human IgG1 monoclonal antibody conjugated via a stable, clinically validated cleavable linker. The molecule incorporates proprietary Kthiol^® irreversible conjugation technology, designed to enhance stability and tumor-specific payload delivery while reducing adverse effects. SKB105 demonstrated a favorable efficacy, safety, and pharmacokinetic (PK) profile in preclinical models. A Phase 1/2 clinical trial of SKB105 in patients with solid tumors is anticipated to commence in the first quarter of 2026.

About Kelun-Biotech

Kelun-Biotech (6990.HK) is a holding subsidiary of Kelun Pharmaceutical (002422.SZ), which focuses on the R&D, manufacturing, commercialization and global collaboration of innovative biological drugs and small molecule drugs. Kelun-Biotech focuses on major disease areas such as solid tumors, autoimmune, inflammatory, and metabolic diseases, and in establishing a globalized drug development and industrialization platform to address the unmet medical needs in China and the rest of world. Kelun-Biotech is committed to becoming a leading global enterprise in the field of innovative drugs. At present, Kelun-Biotech has more than 30 ongoing key innovative drug projects, of which 4 projects have been approved for marketing, 1 project is in the NDA stage and more than 10 projects are in the clinical stage. Kelun-Biotech has established one of the world's leading proprietary ADC and novel DC platforms, OptiDC™, and has 2 ADC projects approved for marketing, and multiple ADC and novel DC assets in clinical or preclinical research stage. For more information, please visit https://en.kelun-biotech.com/.

About Crescent Biopharma

Crescent Biopharma’s vision is to build a world leading oncology company bringing the next wave of therapies for cancer patients. Crescent ’s pipeline includes its lead program, a PD-1 x VEGF bispecific antibody, as well as novel antibody-drug conjugates (ADCs). By leveraging multiple modalities and established targets, Crescent aims to rapidly advance potentially transformative therapies either as single agents or as part of combination regimens to treat a range of solid tumors. For more information, visit www.crescentbiopharma.com and follow Crescent on LinkedIn and X.

Forward-Looking Statements of Crescent

Certain statements in this press release, other than purely historical information, may constitute "forward-looking statements" within the meaning of the federal securities laws, including for purposes of the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, express or implied statements relating to Crescent’s expectations, hopes, beliefs, intentions or strategies regarding the future of its pipeline and business including, without limitation, the expected benefits or opportunities with respect to the strategic partnership between Crescent and Kelun-Biotech, the ability for each of CR-001 and SKB105 (CR-003) to perform as monotherapies and in combination, the potential for CR-001 to be developed in additional combinations, including with proprietary ADC pipeline assets, the initiation, timing, progress, and results of clinical trials for CR-001 and SKB105 (CR-003), including the initiation of Phase 1/2 monotherapy clinical trials in the first quarter of 2026, Crescent’s expectations regarding the potential benefits of the strategic partnership with Kelun-Biotech, the potential benefits of treatment with and the market for CR-001, and our expectations regarding milestone, royalty, or other payments that could be due under the license agreements. The words "opportunity," "potential," "milestones," "pipeline," "can," "goal," "strategy," "target," "anticipate," "achieve," "believe," "contemplate," "continue," "could," "estimate," "expect," "intends," "may," "plan," "possible," "project," "should," "will," "would" and similar expressions (including the negatives of these terms or variations of them) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting Crescent will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Crescent’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the expected benefits of, and opportunities related to, the strategic partnership between Crescent and Kelun-Biotech may not be realized by either party or may take longer to realize than anticipated, that the potential of CR-001 and/or SKB105 (CR-003), each as monotherapy and in combination, may change, that CR-001 may not be developed in additional combinations, including with proprietary ADC pipeline assets, that either party may fail to discover and develop any commercially successful product candidates through the strategic partnership, that such product candidates may not receive regulatory approval and, if approved, such product candidates may not be commercially successful, Crescent’s limited operating history, including with respect to clinical trials, Crescent’s historical losses and any future ability to generate revenue, Crescent’s ability to raise capital to support its business plans, risks associated with clinical development and regulatory approval, risks related to Crescent’s intellectual property, Crescent’s reliance on third parties, including to help develop its product candidates and run its clinical trials, as well as to manufacture its product candidates, Crescent’s dependence on key personnel, Crescent’s estimates of market opportunity may prove to be inaccurate, significant disruptions of information technology systems or breaches of data security, litigation and regulatory risks, as well as those factors more fully described in Crescent’s most recent filings with the Securities and Exchange Commission (including its most recent Quarterly Report on Form 10-Q), and Crescent’s other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of Crescent’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this press release, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Crescent does not undertake or accept any duty to release publicly any updates or revisions to any forward-looking statements. This press release does not purport to summarize all of the conditions, risks and other attributes of an investment in Crescent.

Crescent Contact:
Amy Reilly
Chief Communications Officer
amy.reilly@crescentbiopharma.com
617-465-0586

Kelun-Biotech Contact:
klbio_pr@kelun.com

FAQ

What did Crescent Biopharma (CBIO) and Kelun-Biotech announce on December 4, 2025?

They announced a strategic partnership to develop and commercialize CR-001 and SKB105, including planned Phase 1/2 trials in Q1 2026.

When will CR-001 (CBIO) and SKB105 enter clinical trials?

Both CR-001 and SKB105 are expected to enter Phase 1/2 monotherapy trials in Q1 2026.

What upfront payments were agreed between Crescent (CBIO) and Kelun-Biotech?

Kelun will receive US$80M upfront from Crescent; Crescent will receive US$20M upfront from Kelun.

What are the milestone and royalty terms for SKB105 and CR-001 in the CBIO deal?

Kelun is eligible for up to US$1.25B in milestones plus tiered royalties for SKB105 in Greater China; Crescent is eligible for up to US$30M plus royalties for CR-001 outside Greater China.

Which territories does each company have exclusivity over for CBIO assets?

Kelun has exclusive rights for CR-001 in Greater China; Crescent has exclusive rights for SKB105 in the U.S., Europe, and all markets outside Greater China.

Will CR-001 and SKB105 be studied together under the partnership (CBIO)?

Yes, the collaboration includes evaluation of CR-001 in combination with SKB105 and allows each party to pursue additional combinations.