Anaptys Announces Intent to Separate Biopharma Operations from Substantial Royalty Assets by Year-end 2026
AnaptysBio (NASDAQ:ANAB) announced plans to split into two independent, publicly traded companies by year-end 2026. The first entity, temporarily named Royalty Management Co, will manage royalties from collaborations including GSK's Jemperli (generating $482M in 1H 2025) and Vanda's imsidolimab. The second entity, Biopharma Co, will focus on developing immunology therapeutics, including rosnilimab, ANB033, and ANB101.
Key financials include Jemperli's tiered royalties of 8-25% on net sales, with GSK projecting peak sales of £2 billion ($2.7B). The Vanda collaboration could yield up to $35M in milestones plus 10% royalties. Current Jemperli royalties are directed to Sagard until reaching $600M by 2031 or $675M thereafter, with an estimated $250M accrued through 2025.
AnaptysBio (NASDAQ:ANAB) ha annunciato l’intenzione di scindersi in due aziende indipendenti quotate in borsa entro la fine del 2026. La prima entità, temporaneamente chiamata Royalty Management Co, gestirà le royalty provenienti da collaborazioni tra cui Jemperli di GSK (genererà 482 milioni di dollari nel I semestre 2025) e l’imsidolimab di Vanda. La seconda entità, Biopharma Co, si dedicherà allo sviluppo di terapie immunologhe, tra cui rosnilimab, ANB033 e ANB101.
Tra i dati finanziari principali figurano royalty a scalare per Jemperli dell’8-25% delle vendite nette, con GSK che prevede vendite di picco pari a £2 miliardi ($2,7 miliardi). La collaborazione con Vanda potrebbe fruttare fino a $35M in milestone più royalty del 10%. Attualmente, le royalty di Jemperli sono girate a Sagard fino a raggiungere $600M entro il 2031 o $675M in seguito, con una stima di circa $250M accrual fino al 2025.
AnaptysBio (NASDAQ:ANAB) anunció planes para dividirse en dos compañías independientes que cotizarán en bolsa a más tardar a finales de 2026. La primera entidad, temporalmente denominada Royalty Management Co, gestionará las regalías de colaboraciones, incluyendo Jemperli de GSK (que genera 482 millones de dólares en el 1S 2025) y el imsidolimab de Vanda. La segunda entidad, Biopharma Co, se centrará en el desarrollo de terapias inmunológicas, incluyendo rosnilimab, ANB033 y ANB101.
Entre los datos financieros clave figuran regalías escalonadas de Jemperli del 8-25% de las ventas netas, con GSK proyectando ventas máximas de £2 mil millones ($2,7 mil millones). La colaboración con Vanda podría generar hasta $35M en hitos además de regalías del 10%. Actualmente, las regalías de Jemperli se asignan a Sagard hasta alcanzar $600M para 2031 o $675M en adelante, con un estimado de unos $250M acumulados hasta 2025.
AnaptysBio (NASDAQ:ANAB)가 2026년 말까지 두 개의 독립적이고 상장된 회사로 분리될 계획을 발표했습니다. 첫 번째 기업은 임시 명칭 Royalty Management Co로, GSK의 Jemperli 및 Vanda의 imsidolimab를 포함한 협력에서 발생하는 로열티를 관리합니다. 두 번째 기업은 Biopharma Co로 불리며, rosnilimab, ANB033, ANB101 등을 포함한 면역학 치료제 개발에 집중합니다.
주요 재무 정보로는 Jemperli의 계단식 로열티가 순매출의 8-25%인 점, GSK의 피크 매출이 £2십억(미화 약 27억 달러)으로 전망된다는 점이 있습니다. Vanda 협력은 최대 $35M 이정표와 10% 로열티를 가져올 수 있습니다. 현재 Jemperli 로열티는 Sagard에 2031년까지 또는 그 이후 $675M까지 할당되며, 2025년까지 약 $250M이 누적될 것으로 추정됩니다.
AnaptysBio (NASDAQ:ANAB) a annoncé son intention de se scinder en deux sociétés indépendantes cotées en bourse d’ici la fin de 2026. La première entité, provisoirement nommée Royalty Management Co, gérera les royalties issues des collaborations, notamment Jemperli de GSK (générant 482 millions de dollars au 1er semestre 2025) et l’imsidolimab de Vanda. La seconde entité, Biopharma Co, se concentrera sur le développement de thérapies immunologiques, dont rosnilimab, ANB033 et ANB101.
Parmi les chiffres clés figurent des royalties par paliers pour Jemperli allant de 8 à 25% des ventes nettes, avec GSK prévoyant un chiffre d’affaires de pic de £2 milliards (2,7 milliards de dollars). La collaboration avec Vanda pourrait générer jusqu’à $35M en jalons plus des royalties de 10%. Actuellement, les royalties de Jemperli sont allouées à Sagard jusqu’à atteindre $600M d’ici 2031 ou $675M par la suite, avec une estimation d’environ $250M accumulés d’ici 2025.
AnaptysBio (NASDAQ:ANAB) kündigte Pläne an, bis Ende 2026 in zwei unabhängige, börsennotierte Unternehmen zu zerlegen. Die erste Einheit, vorübergehend Royalty Management Co genannt, wird Tantiemen aus Kooperationen verwalten, darunter GSKs Jemperli (das im 1H 2025 rund 482 Mio. USD generiert) und Vandas Imsidolimab. Die zweite Einheit, Biopharma Co, wird sich auf die Entwicklung von Immuntherapien konzentrieren, einschließlich Rosnimab, ANB033 und ANB101.
Wichtige Finanzdaten umfassen gestaffelte Tantiemen für Jemperli von 8-25% des Nettoumsatzes, wobei GSK einen Absatz von Spitzenumsätzen von £2 Milliarden ($2,7 Milliarden) prognostiziert. Die Zusammenarbeit mit Vanda könnte bis zu $35M Meilensteine plus 10% Tantiemen bringen. Derzeit werden Jemperli-Tantiemen Sagard zugewiesen, bis $600M bis 2031 erreicht sind oder danach $675M, wobei Schätzungen zufolge bis 2025 etwa $250M akkumuliert wurden.
AnaptysBio (NASDAQ:ANAB) أعلنت عن خطط للفصل إلى شركتين مستقلتين مدرجتين في البورصة بحلول نهاية عام 2026. الكيان الأول، مؤقتاً باسم Royalty Management Co، سيدير العوائد من التعاونات بما في ذلك Jemperli من GSK (الذي يحقق 482 مليون دولار في النصف الأول من 2025) وImsidolimab من فاندا. الكيان الثاني، Biopharma Co، سيركز على تطوير علاجات المناعة، بما فيها rosnilimab وANB033 وANB101.
تشمل البيانات المالية الرئيسية عوائد مخفضة لـ Jemperli من 8-25% من صافي المبيعات، مع توقع GSK لمبيعات ذروية قدرها 2 مليار جنيه استرليني (2.7 مليار دولار). يمكن أن تبلغ الشراكة مع فاندا حتى $35M في معالم بالإضافة إلى عوائد بنسبة 10%. حالياً تُوجّه عوائد Jemperli إلى Sagard حتى بلوغ 600 مليون دولار بحلول 2031 أو 675 مليون دولار بعدها، مع تقدير يقترب من 250 مليون دولار مُجمَّع حتى 2025.
AnaptysBio (NASDAQ:ANAB)宣布计划在2026年底前分拆为两家独立、公开交易的公司。第一家实体暂名为Royalty Management Co，将管理来自多项合作的特许权使用费，包括GSK的Jemperli（在2025年上半年产生4.82亿美元）以及Vanda的imsidolimab。第二家实体Biopharma Co将专注于开发免疫学治疗药物，其中包括rosnimab、ANB033和ANB101。
主要财务数据包括Jemperli的阶梯式特许权使用费为净销售额的8-25%，GSK预测峰值销售额为20亿英镑（约27亿美元）。与Vanda的合作可能带来最高$3500万美元的里程碑加上10%的特许权使用费。目前，Jemperli的特许权使用费转给Sagard，直至2031年达到6亿美元或随后达到6.75亿美元，预计至2025年累计约2.5亿美元。
- None.
- Separation transaction will likely be a taxable event for shareholders
- Current Jemperli royalties are payable to Sagard until $600M-$675M threshold is met (estimated 2027-2028)
- Final terms, leadership, and financial structures still undetermined
- Transaction completion subject to multiple conditions and approvals
Insights
Anaptys's proposed business separation creates two focused entities - one for royalty streams, another for clinical development - enhancing investor choice.
AnaptysBio's plan to split into two separate public companies represents a significant strategic restructuring aimed at unlocking shareholder value through corporate specialization. The separation creates clear investment opportunities aligned with different risk-reward profiles - a predictable royalty business and a development-stage biotech.
The proposed "Royalty Management Co" will hold rights to
Meanwhile, "Biopharma Co" will advance the clinical pipeline centered on rosnilimab (completed Phase 2b in RA, ongoing Phase 2 in UC), ANB033 (CD122 antagonist in Phase 1b for celiac disease), and ANB101 (BDCA2 modulator in Phase 1a). Management is weighing options for rosnilimab including seeking a global partnership versus independently advancing a Phase 3 program.
This separation mirrors successful models implemented by other biopharma companies, allowing investors to selectively invest in either a more stable royalty business or a higher-risk/reward clinical development operation. The transaction structure, while expected to be taxable, is being designed to minimize tax implications and is targeted for completion by year-end 2026.
Current CEO Daniel Faga is slated to lead the Biopharma entity, with both companies launching with appropriate capitalization to pursue their respective business models.
- Designed to unlock potential value by creating two independent, publicly traded companies with different business objectives and opportunities
- Upon completion, the royalty management company will manage royalties and milestone payments from financial collaborations, including Jemperli with GSK and imsidolimab with Vanda, with a focus on protecting and returning their value
- Upon completion, the biopharma operations company will focus on development and potential commercialization of innovative immunology therapeutics for autoimmune and inflammatory diseases, including rosnilimab, ANB033 and ANB101
- Company to host a conference call with investors today at 4:30pm ET/1:30pm PT
SAN DIEGO, Sept. 29, 2025 (GLOBE NEWSWIRE) -- AnaptysBio, Inc. (Nasdaq: ANAB), a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics, announced today that its Board of Directors approved plans to explore separating its business into two independent, publicly traded companies, each poised for strong, sustainable growth. Referred to as “Royalty Management Co” and as “Biopharma Co” in this press release, the two companies’ different business models enable investors to align their investment philosophies and portfolio allocation with the strategic opportunities and financial objectives of each company.
“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 milestones payments from our ongoing financial collaborations with GSK and Vanda,” said Daniel Faga, president and chief executive officer of Anaptys. “In parallel with assessing multiple strategic options for rosnilimab in RA or UC, including securing a global partnership to help advance development in all indications or advancing in one Phase 3 indication independently, 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.”
Royalty Management Co Profile
Upon completion, Royalty Management Co will hold and continue to manage the rights to the potential substantial Jemperli royalties from GSK and imsidolimab milestones and royalties from Vanda with a focus on protecting and returning value of the royalties to its shareholders.
GSK recently announced strong commercial performance for Jemperli (
- AZUR-1 – pivotal Phase 2 – untreated stage II/III dMMR/MSI-H locally advanced rectal cancer
- Top-line data in H2 2026; U.S. FDA Breakthrough Therapy Designation
- AZUR-2 – pivotal Phase 3 – untreated stage III dMMR/ MSI-H resectable colon cancer
- AZUR-4 – Phase 2 – untreated stage III MMRp/MSS resectable colon cancer
- JADE – pivotal Phase 3 – locally advanced unresected head and neck squamous cell carcinoma
The financial collaboration with GSK provides for payment of Jemperli royalties of
Currently, Jemperli receivables from GSK are payable to Sagard as a result of prior capped non-recourse monetizations and will terminate once Sagard has received an aggregate of either
For imsidolimab, under the financial collaboration with Vanda, Royalty Management Co would be eligible to receive up to
Upon completion, Royalty Management Co is expected to require minimal infrastructure and staff, is anticipated to retain Anaptys’ net operating loss carryforwards and will operate under a new name.
Biopharma Co Profile
Upon completion, Biopharma Co will be a clinical-stage biotechnology company focused on the development and potential commercialization of innovative therapeutics for autoimmune and inflammatory diseases, including rosnilimab, ANB033 and ANB101.
Rosnilimab, a pathogenic T cell depleter, has completed a successful Phase 2b trial in rheumatoid arthritis (RA) and is also in a Phase 2 trial for the treatment of ulcerative colitis (UC), with top-line data through Week 12 expected in November or December 2025. Anaptys is assessing multiple strategic paths forward for rosnilimab, including securing a global partnership to help advance development in all indications, including RA and UC or independently advancing into a Phase 3 program in UC. The outcome of this assessment could impact how the economic value of rosnilimab is allocated between Royalty Management Co and Biopharma Co.
ANB033, a potentially best-in-class CD122 antagonist, targets CD122, the common beta subunit of IL-15 and IL-2, to reduce NK cells and subsets of cytotoxic CD8+ and CD4+ T cells that are dependent on IL-15 and/or IL-2 for their maintenance, and survival and pathogenic activity. Anaptys has initiated a Phase 1b cohort in an initial indication, celiac disease.
Additionally, ANB101, a potentially differentiated BDCA2 modulator, targets plasmacytoid dendritic cells (pDCs) and potently inhibits interferon secretion and modulates antigen presentation for the treatment of autoimmune and inflammatory diseases. ANB101 is currently in a Phase 1a trial in healthy volunteers.
Upon completion, Biopharma Co will launch with adequate capital to fund operations for at least two years through significant potential corporate milestones and will operate under a new name.
Additional Information on the Intended Separation
Anaptys anticipates the separation of Biopharma Co will be completed by year-end 2026. After the separation, Daniel Faga, president and CEO of Anaptys, is anticipated to be CEO of Biopharma Co. Specific decisions regarding the transaction and the board composition, leadership and financial operations of the two companies will be disclosed at a later time. While the separation is anticipated to be a taxable event, Anaptys is focused on minimizing overall corporate- and shareholder-level taxes across the entire transaction.
Completion of the proposed separation is subject to final approval by the Anaptys Board of Directors and other customary conditions, including the effectiveness of a registration statement with the U.S. Securities and Exchange Commission. There can be no assurance that any separation transaction will ultimately occur or, if one does occur, of its terms or timing.
Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal adviser to Anaptys for the transaction.
Conference Call and Webcast Information
Anaptys will host an investor call and live webcast to discuss the announcement today, Monday, Sept. 29, 2025, at 4:30pm ET / 1:30pm PT. A live webcast will be available on the investor section of the Anaptys website at https://ir.anaptysbio.com/presentations-and-events. A replay of the webcast will be available for at least 30 days following the event.
About Anaptys
Anaptys is a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics for autoimmune and inflammatory diseases. Its lead program, rosnilimab, a pathogenic T cell depleter, completed a Phase 2b trial for the treatment of rheumatoid arthritis and is in a Phase 2 trial for the treatment of ulcerative colitis. The company’s pipeline also includes ANB033, a CD122 antagonist, being studied in celiac disease and ANB101, a BDCA2 modulator, both in Phase 1 trials. Anaptys has also discovered and out-licensed in financial collaborations multiple therapeutic antibodies, including a PD-1 antagonist (Jemperli (dostarlimab-gxly)) to GSK and an IL-36R antagonist (imsidolimab) to Vanda Pharmaceuticals. To learn more, visit www.AnaptysBio.com or follow us on LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to: statements relating to plans for executing the separation, the expected timing of the separation, the expected financial operations and condition of the two companies following the separation; the strategies, plans and objectives of the two companies following the separation; expectations related to the leadership, management, and staffing of the two companies following the separation; the timing of the release of data from the Company’s clinical trials, including rosnilimab’s top-line Phase 2 clinical trial data in ulcerative colitis; timing of the R&D event for ANB033; whether any of the Company’s product candidates will be best in class; the Company’s ability to find a partner for rosnilimab and the timing of any such transaction; the adequacy of capital at Biopharma Co at the time of separation; the potential to receive any royalties or milestone payments from the Vanda Pharmaceuticals license agreement; the results of any future clinical trials for Jemperli; and the potential to receive any additional milestones and royalties from the GSK collaboration and the timing therefor. Statements including words such as “plan,” “continue,” “expect,” or “ongoing” and statements in the future tense are forward-looking statements. These forward-looking statements involve risks and uncertainties, as well as assumptions, which, if they do not fully materialize or prove incorrect, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are subject to risks and uncertainties that may cause the company’s actual activities or results to differ significantly from those expressed in any forward-looking statement, including risks and uncertainties related to the company’s ability to advance its product candidates, obtain regulatory approval of and ultimately commercialize its product candidates, the timing and results of preclinical and clinical trials, the company’s ability to fund development activities and achieve development goals, the company’s ability to protect intellectual property, the ability to effect the separation described herein and to meet the conditions related thereto; potential uncertainty during the pendency of the separation that could affect the company’s financial performance; the possibility that the separation will not be completed within the anticipated time period or at all; the possibility that the separation will not achieve its intended benefits; the possibility of disruption, including changes to existing business relationships, disputes, litigation or unanticipated costs in connection with the separation; uncertainty of the expected financial performance of Royalty Management Co or Biopharma Co following completion of the separation; negative effects of the announcement or pendency of the separation on the market price of the company’s securities and/or on the financial performance of the company, and other risks and uncertainties described under the heading “Risk Factors” in documents the company files from time to time with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release, and the company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
Contact:
Nick Montemarano
Executive Director, Investor Relations
858.732.0178
investors@anaptysbio.com
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| 1. | CEO Emma Walmsley, 2025 JP Morgan CEO Series fireside chat, 9/11/2025, “there's no change to our peak year sales overall ambition for Jemperli, that's for sure, which is for more than |
| 2. | Anticipate ~ |
FAQ
When will AnaptysBio (ANAB) complete its separation into two companies?
What are the royalty rates for Jemperli under AnaptysBio's agreement with GSK?
How much revenue is Jemperli currently generating for GSK?
Who will lead the separated companies after AnaptysBio's split?
What assets will each company hold after AnaptysBio's separation?
When will Sagard stop receiving AnaptysBio's Jemperli royalties?
