Crescent Biopharma struck a two-way alliance with Sichuan Kelun-Biotech to generate parallel clinical data for CR‑001, a PD‑1/VEGF bispecific antibody, aiming for monotherapy and ADC-combination readouts by 2027 in the U.S. and China. Kelun paid $20 million up front and up to $30 million in milestones for greater China rights; Crescent separately raised $185 million in a private placement to fund trials. The deal targets geographic regulatory strategies and combination regimens with ADCs; sponsors said parallel datasets will streamline global registration efforts but will require coordinated manufacturing, trial design, and biomarker plans across jurisdictions.