SNAPSHOT

Crescent joins the PD-1xVEGF arms race, with an ADC partnered from Kelun

Crescent Biopharma is paying $80M for ex-China rights to Kelun-Biotech’s ADC SKB105, aiming to combine it with its own PD-1xVEGF bispecific drug, CR-001. The deal is part of a broader $185M private placement by Forbion, Fairmount, and Vestal Point Capital to fuel clinical trials.

Why it matters: The deal positions Crescent to fast-track combo therapies targeting solid tumors, joining a high-stakes race in oncology where top pharma players are already invested.

Backstory: Crescent went public in June via a reverse merger with GlycoMimetics, raising $200M to develop CR-001. The asset is modeled after Akeso and Summit Therapeutics’ ivonescimab, a frontrunner in the PD-1xVEGF bispecific race.

Big picture: ADCs (antibody-drug conjugates) and bispecifics are reshaping cancer treatment. By combining both, Crescent aims to improve efficacy and address resistance mechanisms in solid tumors like lung and breast cancer.

Zoom in: In exchange for $80M upfront, $345M in milestones, and up to $902.5M in sales-based payments, Crescent will get ex-China rights for Kelun’s ADC. On the other side, Kelun gets Crescent’s CR-001 rights in Greater China for $20M upfront + $30M in milestones.

What's next: Trials for SKB105 will begin in 2026 with early data expected in 2027.

SNIPPETS

What’s happening in biotech today?

⏳ FDA timeout: Denali Therapeutics has secured a $275 million financing deal with Royalty Pharma as it awaits an FDA decision, now delayed until April 2026, on its experimental Hunter syndrome drug, tividenofusp alfa. The agreement grants Denali $200 million upon U.S. approval, with an additional $75 million contingent on European approval. In exchange, Royalty Pharma will receive a 9.25% royalty on global sales until repayment thresholds are met. Tividenofusp alfa is designed to cross the blood-brain barrier to treat both cognitive and physical symptoms of Hunter syndrome. The FDA delay followed a major amendment to Denali’s application, though not related to efficacy or safety.

🧬 Antibody tag-in: AstraZeneca, through its Alexion Pharmaceuticals unit, has signed a licensing deal with Neurimmune for NI009, a preclinical monoclonal antibody targeting lambda light chain fibrils in AL amyloidosis, potentially worth up to $780 million in upfront and milestone payments. Neurimmune will conduct the initial clinical trial before Alexion takes over development. The agreement also includes tiered royalties on future sales. NI009 has shown broad activity across diverse disease subtypes, addressing the clonal heterogeneity of AL amyloidosis, a rare disorder marked by toxic amyloid buildup in organs. This deal builds on a prior 2022 collaboration and complements AstraZeneca’s existing, though challenged, candidate, anselamimab.

🏭 Made in USA: Excelsior Sciences, an AI-driven chemistry company spun out of investment firm Deerfield Management, has raised $95 million to advance its platform for accelerating small molecule discovery and production. The funding includes a $70 million series A round co-led by Deerfield, Khosla Ventures, and Sofinnova Partners, plus a $25 million grant from New York’s Empire State Development. Excelsior is developing a novel chemical synthesis system centered on “smart bloccs”, which are modular, machine-compatible building blocks designed to support automated, AI-guided drug discovery.

🎯 Tumor sniper: Accession Therapeutics has raised $40 million (£30.5 million) from existing investors to advance its tumor-targeted immunotherapy platform, TROCEPT. The UK-based biopharmaceutical company is developing next-generation cancer treatments that activate the immune system specifically within solid tumors resistant to conventional therapies. The funding will support the continued development of its pipeline, including the completion of clinical data from the Phase I ATTEST trial of lead candidate TROCEPT-01, which delivers a checkpoint inhibitor directly into tumors. It will also fund the advancement of TROCEPT-02, a second program aimed at delivering a genetically encoded bispecific T cell engager into tumors.

💰 €11.5M boost: Laigo Bio has raised €11.5 million in seed financing to advance its proprietary SureTAC platform, which enables selective degradation of membrane-bound proteins implicated in oncology, autoimmune diseases, and graft rejection. Co-led by Kurma Partners and Curie Capital, the funding will support preclinical development of Laigo's oncology candidates targeting PD-L1, VEGF, and Wnt pathway receptors, and accelerate the discovery of three immunology programs. SureTAC technology, developed at UMC Utrecht, uses bispecific antibodies to bring disease-causing membrane proteins into proximity with E3 ligase enzymes, triggering targeted degradation.

SNAP AGAIN

Pharvaris' pill races challenge rivals in the hereditary angioedema market

Pharvaris' oral drug deucrictibant succeeded in a Phase 3 trial for hereditary angioedema (HAE), cutting symptom onset time to 1.28 hours, quicker than placebo and faster than rival Kalvista's newly approved Ekterly, 1.79 hours.

Why it matters: Deucrictibant’s strong results could shake up the growing HAE treatment market, where patients and providers increasingly prefer oral options over injectables.

Backstory: HAE, a rare and potentially life-threatening disorder, causes sudden swelling episodes. Early treatments required IV infusions. The 2010s brought self-injectables like Firazyr, and now pills are gaining traction.

Big picture: Three new HAE drugs were approved in 2025: Ekterly (oral), Andembry and Dawnzera (preventive injectables), with Pharvaris planning to follow soon after with a filing for FDA approval in H1 2026. If approved, deucrictibant could launch into a market where Kalvista’s Ekterly already holds a 10% share and is solidifying its base.

Zoom in: Analysts note that while deucrictibant shows efficacy advantages, treatment switching dynamics may favor incumbents. Kalvista’s Ekterly hit $13.7M in Q3 sales, which was triple the early analyst forecasts.

What's next: The HAE market is rapidly expanding with new drug launches and rising demand for convenient therapies. Pharvaris’ success raises the stakes in a space already seeing major investment.

SPEED READ

More news

• Bayer has launched a phase 2 trial of BAY 3401016, a Sema3A-targeting antibody co-developed with Evotec, aiming to slow kidney damage in Alport syndrome patients.

• Melbourne-based Evinco Therapeutics has launched to develop intranasal natural killer cell vesicle therapies targeting Alzheimer’s, aiming to offer simpler, immune-based alternatives to antibodies.

• SciNeuro Pharmaceuticals secured $53 million in funding to advance its neurodegenerative disease pipeline and appointed Hogan Wan as CFO to support strategic financial growth.

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