AnaptysBio Announces Strategic Split into Two Publicly Traded Companies

AnaptysBio, a San Diego-based biopharmaceutical company, has unveiled plans to separate its operations into two distinct publicly traded entities. This strategic move, expected to be completed by the end of 2026, aims to maximize value for investors by creating separate focuses on clinical-stage pipeline development and royalty-based agreements.

Pipeline-Focused Entity to Advance Clinical Programs

The first company, which will retain the AnaptysBio name and be led by current CEO Daniel Faga, will concentrate on advancing the biopharma's clinical-stage pipeline. Key assets include:

• Rosnilimab: A PD-1 agonist that recently met its goals in a phase 2 rheumatoid arthritis trial
• ANB033: A CD122 antagonist currently in phase 1 studies for celiac disease
• ANB101: A phase 1-stage BDCA2 modulator targeting autoimmune and inflammatory diseases

The pipeline-focused entity is expected to have sufficient capital to sustain operations for two years post-separation.

Royalty-Focused Spinoff to Manage Existing Agreements

The second company, yet to be named, will oversee AnaptysBio's royalty-based agreements with minimal infrastructure and staff. Its primary assets include:

• Jemperli royalties: Payments related to the PD-1 blocking antibody discovered by AnaptysBio and now owned by GSK. The tiered royalty structure ranges from 8% to 25% based on sales milestones.
• Imsidolimab agreement: A potential source of revenue from a phase-3-stage pustular psoriasis drug licensed to Vanda Pharmaceuticals, including up to $35 million in milestones and 10% of net sales.

It's worth noting that asset management firm Sagard will receive the first $600 million in Jemperli royalties, with AnaptysBio's spinoff expected to begin receiving its share between mid-2027 and Q2 2028.

Strategic Rationale and Future Outlook

CEO Daniel Faga explained the decision: "Today's announcement to explore a separation of our wholly owned biopharma programs from our royalty assets is intended to provide investors with the opportunity to realize and enhance the potential value of two distinct sets of assets."

The company is also exploring multiple strategic options for rosnilimab, including securing a global partnership for development across all indications or independently advancing one phase 3 indication. This approach, combined with the corporate restructuring, demonstrates AnaptysBio's commitment to maximizing the value of its diverse portfolio and providing clear investment opportunities in both clinical development and royalty-based revenue streams.