Core Viewpoint - AnaptysBio has filed a Verified Complaint against Tesaro and GSK, alleging material breaches of their Collaboration Agreement and seeking legal remedies [1][2]. Group 1: Legal Disputes - Anaptys claims that Tesaro breached the Collaboration Agreement by participating in clinical trials with competing PD-1 antagonists and failing to use reasonable efforts to maximize commercial returns for Jemperli [2]. - Tesaro has initiated its own lawsuit against Anaptys, alleging that Anaptys improperly claimed breaches of the Collaboration Agreement [4]. - The parties are seeking an expedited trial schedule in Delaware Chancery Court, with a trial expected in July 2026 [5]. Group 2: Financial Implications - Anaptys is entitled to royalties from Jemperli sales, structured as 8% for net sales below $1 billion, 12% for sales between $1 billion and $1.5 billion, 20% for sales between $1.5 billion and $2.5 billion, and 25% for sales above $2.5 billion [7]. - A one-time $75 million commercial sales milestone is anticipated once Jemperli achieves $1 billion in worldwide net sales [7]. - Anaptys estimates that Sagard will accrue $250 million in royalties and sales milestones through the end of 2025, with full paydown expected between Q2 2027 and Q2 2028 [9]. Group 3: Background of the Collaboration - The Collaboration Agreement was established in March 2014, allowing Tesaro to develop Jemperli for various solid tumor indications [6]. - Anaptys previously filed a complaint against GSK in 2020 regarding breaches related to GSK's clinical trial of Zejula, which resulted in a settlement that included cash payments and increased royalties on Jemperli [3]. Group 4: Company Overview - AnaptysBio is a clinical-stage biotechnology company focused on innovative immunology therapeutics for autoimmune and inflammatory diseases, with a pipeline that includes multiple therapeutic candidates [10]. - The company plans to separate its biopharma operations from its royalty assets by the end of 2026 to better align with investor interests [11].