AnaptysBio Teases Q2 Split Into RoyaltyCo and Biopharma Spin, Flags Jemperli and Pipeline Catalysts

Core Viewpoint - AnaptysBio plans to separate its business into two publicly traded entities, focusing on biopharma operations and a royalty portfolio, with a target separation date in Q2 2026, although this may be subject to slight delays [4][7]. Biopharma Operations - The new biopharma entity will include three clinical-stage programs: CD122 (ANB033), ANB101, and rosnilimab, and will be capitalized to reach key readouts in the CD122 program [2][5][12]. - AnaptysBio entered 2026 with approximately $310 million in cash, which could fund the biopharma operations into 2028 if allocated appropriately [5][11]. - CD122 is currently in a phase 1b trial for celiac disease, with data expected in Q4 2026, and plans to initiate a phase 1b trial for eosinophilic esophagitis imminently, with results anticipated in 2027 [13][14]. Royalty Portfolio - The royalty-focused entity will be anchored by royalties on GSK's Jemperli, which is projected to have a revenue run rate of approximately $1.5 billion, potentially reaching $1.8 billion this year if growth trends continue [6][7]. - The royalty rate for Jemperli is structured at 8% up to $1 billion in revenues, escalating to 25% at $2.5 billion [9]. - The royalty entity will also include potential economics from Vanda's imsidolimab, which is seeking accelerated approval for generalized pustular psoriasis [10]. Market Dynamics - Faga noted that GSK's Jemperli has gained market share in frontline endometrial cancer due to positive overall survival data, with European approvals lagging behind the U.S. [8]. - GSK has historically guided for peak sales of Jemperli to exceed £2 billion (approximately $2.7 billion), with potential for additional indications and combinations to contribute to revenue [8]. Strategic Considerations - The separation is framed as a dividend of the biopharma operations to existing shareholders, allowing them to retain proportional ownership in both entities post-separation [3][4]. - AnaptysBio is also addressing ongoing litigation related to Jemperli, which is described as a specific contractual matter that does not impact the separation process [10].