Pharma BD Deal Intelligence

Crescent Biopharma, Inc. / Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd.

2025 · Licensing/Option · $1.3B · Complete

Crescent Biopharma and Sichuan Kelun-Biotech announced a strategic partnership to develop and commercialize novel oncology therapeutics, structured as a reciprocal license. Crescent granted Kelun an exclusive, royalty-bearing license to research, develop, manufacture and commercialize CR-001, a PD-1 x VEGF bispecific antibody, in Greater China, retaining all rights elsewhere. Kelun granted Crescent exclusive rights to SKB105 / CR-003, an ITGB6-directed antibody-drug conjugate, in the United States, Europe and all markets outside Greater China. Total consideration is stated at up to $1.33 billion. Both assets were on track to enter Phase 1/2 monotherapy trials in Q1 2026.

This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2030 at the earliest for this deal, once/if it closes.

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