Glycomimetics gets on the PD-1/VEGF bandwagon

Glycomimetics’ last pivot didn’t work out, so now it’s moving to the red-hot PD-(L)1 x VEGF space, with Tuesday’s acquisition of Crescent Biopharma. While there are different approaches in this arena, Glycomimetics’ ambitions are clear: its presentation noted that Crescent’s lead project, CR-001, has the “same design” as Summit/Akeso’s ivonescimab, which has arguably seen the greatest success so far. But Glycomimetics, which is to take Crescent’s name when the deal closes next year, is well behind: it’s expecting to file an IND in late 2025 or early 2026, with proof-of-concept data due in the second half of 2026. There are already 10 PD-(L)1 x VEGF bispecifics in the clinic, according to OncologyPipeline, and more emerging. Crescent’s assets were originally developed by Massachusetts-based Paragon Therapeutics; they also include two topoisomerase inhibitor-based ADCs, CR-002 and CR-003, against undisclosed targets. Under the all-stock deal, Glycomimetics shareholders will own 3.1% of the new company and the group will also receive a $200m investment, expected to fund it through 2027. Glycomimetics’ said it’s still determining next steps for its previous lead, uproleselan, which flunked a phase 3 AML trial in May, but on Tuesday it also disclosed the failure of an NCI-sponsored first-line study.

Glycomimetics’ new assets

Source: Company presentation.