AnaptysBio Plans Q2 2026 Spin-Off to Unlock Jemperli Royalties After $343M Q4 Sales
AnaptysBio will spin off its biopharma portfolio into First Tracks Biotherapeutics in Q2 2026, as early as late April, separating development assets from royalty management. AnaptysBio closed 2025 with $311 million cash, GSK’s Jemperli delivered $343 million in Q4 (a $1.4 billion run rate), driving royalties above $390 million.
1. Spin-Off Details
AnaptysBio plans to separate its biopharma operations into a new public company, First Tracks Biotherapeutics, in Q2 2026, as early as late April. The spin-off will divide development assets, including ANB033 and rosnilimab, from the royalty management business to unlock distinct value.
2. Financial Highlights
The company ended 2025 with $311 million in cash and investments and recognized a $75 million commercial milestone from GSK. AnaptysBio expects royalties exceeding $390 million annually at GSK’s peak Jemperli sales guidance above $2.7 billion.
3. Jemperli Performance
GSK’s Jemperli achieved $343 million in sales in Q4 2025, marking over 13% quarter-over-quarter growth and a $1.4 billion annualized run rate. These results underpin AnaptysBio’s royalty stream and support the company’s long-term revenue projections.
4. Biopharma Pipeline Progress
First Tracks Biotherapeutics’ pipeline includes ANB033 in ongoing Phase 1b trials for celiac disease and eosinophilic esophagitis, with top-line data expected in late 2026 and 2027 respectively. Additional assets such as rosnilimab and imsidolimab move toward pivotal studies and BLA acceptance.