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Crescent Jumps Into VEGFxPD-1 Bispecific Race Via Merger With GlycoMimetics

 
• By Joseph Haas

Troubled GlycoMimetics will merge with Crescent, bringing its PD-1- and VEGF-targeting bispecific CR-001 and gaining a public listing. Crescent also will raise $200m to help position itself against PD-1xVEGF leaders Akeso/Summit and BioNTech.

Crescent will go public via a merger with troubled GlycoMimetics. (Shutterstock)

Crescent Biopharma may be behind in the race to introduce a PD-1xVEGF bispecific antibody, but the firm has a clearer path now that it is going public through a reverse merger with GlycoMimetics and will concurrently raise $200m to support moving its lead candidate CR-001 into the clinic.

Key Takeaways
  • Troubled GlycoMimetics will reverse merge with Crescent Biopharma, which is nearing the clinic in the emerging PD-1xVEGF bispecific antibody space.
  • In tandem with the merger, the new company will raise $200m with Crescent’s founder Fairmount one of the lead investors

The immuno-oncology start-up announced the reverse merger and financing on 29 October. The $200m financing, led by Fairmount, Venrock Healthcare Capital Partners, BVF Partners and an unnamed investment management firm, is expected to fund operations through 2027

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