Crescent Biopharma announced a strategic two‑way collaboration with Kelun‑Biotech and completed an $185 million financing to accelerate its PD‑1xVEGF asset and antibody‑drug conjugate (ADC) programs, with an explicit focus on bringing the PD‑1xVEGF candidate into China under the partnership terms. Under the deal both companies will have access to certain assets and development options, aiming to leverage Crescent’s U.S. development expertise and Kelun’s China commercialization footprint. Crescent framed the raise as funding near‑term clinical development and partnering activities tied to its oncology pipeline. The transaction highlights continued cross‑border partnering strategies between U.S. biotech and Chinese biopharma players, and underscores investor appetite for bispecific immuno‑oncology constructs and ADC platforms.