What's Happening With Crescent Biopharma Stock Today?

Cresent Biopharma, Inc. (NASDAQ:CBIO) shares were trading higher Thursday but have since reversed and begun trading lower after the company announced a partnership with Sichuan Kelun-Biotech Biopharmaceutical. The company said it secured a $185 million private placement.

What To Know: Crescent announced an exclusive partnership with Kelun-Biotech to develop and commercialize next generation oncology therapeutics, including CR-001, a PD-1 x VEGF bispecific antibody, and multiple antibody-drug conjugates.

Under the collaboration, Crescent granted Kelun-Biotech exclusive rights to develop and commercialize CR-001 in Greater China. In return, Crescent received exclusive rights to develop and commercialize SKB105, also known as CR-003, outside of China. The partnership includes monotherapy development as well as combination studies involving CR-001 and ADCs.

The company also unveiled updated timelines for its pipeline. Crescent expects CR-001, CR-002 and CR-003 to enter the clinic in 2026. Initial proof-of-concept data for multiple programs is targeted for 2027.

Additionally, Crescent announced a $185 million private placement expected to close on or about Dec. 8, subject to customary conditions. The placement includes participation from Forbion, Fairmount, Vestal Point Capital, BVF Partners, ADAR1, Balyasny Asset Management and Venrock Healthcare Capital Partners. The company said proceeds will support clinical development and are expected to provide cash runway into 2028.

CEO Joshua Brumm said the updates reflect progress across the company's immuno-oncology and ADC programs and position Crescent for multiple data readouts over the next two years.

See Also: Trump Could Decide To Exit From USMCA In 2026, Says US Trade Representative

CBIO Price Action: At the time of writing, Crescent Biopharma shares are trading 2.31% lower at $13.10, according to data from Benzinga Pro.

Image via Shutterstock