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 a clear distinction between the company's clinical-stage pipeline and its royalty-based agreements.

Royalty-Focused Entity to Capitalize on Jemperli Success

The first of the two new companies will focus on managing AnaptysBio's royalty-based agreements, with minimal infrastructure and staff. At the heart of this entity's portfolio is Jemperli, a PD-1 blocking antibody discovered by AnaptysBio and now owned by GSK. The drug has generated $2.7 billion in sales as a treatment for endometrial cancer and solid tumors.

Under the existing agreement with GSK, AnaptysBio is entitled to tiered royalties on Jemperli sales, ranging from 8% on the first $1 billion to 25% on sales exceeding $2.5 billion. However, it's worth noting that asset management firm Sagard will receive the first $600 million in royalties, a portion AnaptysBio had previously monetized. The company estimates Sagard will have received its full share between mid-2027 and Q2 2028.

Another potential revenue stream for the royalty-focused company comes from imsidolimab, a phase 3 pustular psoriasis drug licensed to Vanda Pharmaceuticals. This deal could yield up to $35 million in milestone payments and a 10% share of net sales upon market entry.

Biopharma Pipeline Continues Under New Entity

The second company resulting from the split will retain AnaptysBio's current clinical-stage pipeline and will be led by current CEO Daniel Faga. This entity's lead candidate is rosnilimab, a PD-1 agonist that recently met its goals in a phase 2 rheumatoid arthritis trial.

Other key assets in the pipeline include ANB033, a CD122 antagonist in phase 1 trials for celiac disease, and ANB101, a phase 1 BDCA2 modulator targeting autoimmune and inflammatory diseases.

Faga emphasized the strategic positioning of AnaptysBio, stating, "Anaptys is strategically positioned with multiple attractive, high-potential assets, including our development-stage pipeline consisting of rosnilimab, ANB033 and ANB101, as well as substantial potential royalties and milestone payments from our ongoing financial collaborations with GSK and Vanda."

The biopharma entity is expected to have sufficient capital to sustain operations for two years following the separation. Management is also exploring various strategic options for rosnilimab, including potential global partnerships or independent advancement into phase 3 trials for rheumatoid arthritis or ulcerative colitis.