Crescent Biopharma shares surge 16.11% premarket after announcing $185M private placement and strategic partnership with Kelun-Biotech to accelerate CR-001/ADC pipeline.

Crescent Biopharma surged 16.11% in premarket trading following the announcement of a strategic partnership with Kelun-Biotech and a $185 million private placement. The collaboration expands Crescent’s pipeline with CR-001, a PD-1 x VEGF bispecific antibody, and SKB105 (CR-003), an integrin beta-6-directed ADC, while securing $20 million upfront from Kelun-Biotech and enabling global clinical trials for both candidates. The private placement provides $185 million in funding, extending Crescent’s cash runway into 2028 and supporting key data readouts beginning in Q1 2027. The partnership accelerates combination therapy development, with CR-001 and ADCs expected to enter Phase 1/2 trials in Q1 2026, enhancing the company’s oncology portfolio and commercial potential. These developments, coupled with analyst upgrades and strong investor optimism, drove the sharp premarket increase.