Crescent Biopharma struck a two‑way alliance with Kelun‑Biotech to access an antibody‑drug conjugate the company plans to test with its PD‑1xVEGF bispecific, and concurrently closed a $185 million private placement to fund clinical plans. The transactions grant Crescent ex‑China or shared rights and create a pathway to evaluate combination regimens that pair immune‑checkpoint blockade with targeted cytotoxics. Company statements indicate proceeds will support clinical development, combo trials and expansion of the PD‑1xVEGF program. The deals reflect a broader industry push to assemble combination regimens and to secure regional rights and financing ahead of multi‑arm clinical testing.