Anaptys approves $100M buyback and First Tracks $180M spin-off
Anaptys authorized a $100 million stock repurchase plan and set the spin-off distribution of First Tracks Biotherapeutics for April 20, 2026, with First Tracks launching with $180 million cash. Post spin-off Anaptys will manage GSK’s Jemperli and Vanda’s imsidolimab royalties with ~$140-145 million net cash and fewer than 10 FTEs.
1. Stock Repurchase Plan
Anaptys’ board authorized a stock repurchase plan allowing up to $100 million of common stock to be bought back through open-market transactions or Rule 10b5-1 plans, effective until Dec. 31, 2026 and subject to market conditions and regulatory limits.
2. Spin-Off Details
The company set April 20, 2026 as the distribution date for First Tracks Biotherapeutics, with each Anaptys shareholder receiving one share of First Tracks Bio and the new entity launching with $180 million in cash from Anaptys and a private placement.
3. Post-Spin-Off Business Model
Following the separation, Anaptys will focus on managing its royalty streams for GSK’s Jemperli and Vanda’s imsidolimab, operate with fewer than 10 full-time equivalents as contractors, target annual expenses below $10 million, and start with $140–145 million in net cash and investments.
4. Board and Leadership Update
Susannah Gray, former CFO of Royalty Pharma, joined the board to bolster corporate and royalty finance expertise; Daniel Faga will continue as CEO, and the company has initiated a search for a new CFO.