AnaptysBio to Separate RoyaltyCo Holding Jemperli Rights and Biopharma Unit with $310M Cash
AnaptysBio plans to spin off its royalty stream into a separate RoyaltyCo retaining Jemperli and imsidolimab rights, while a BiopharmaCo holds ANB033, ANB101, rosnilimab and $310 million cash. The royalty unit expects GAAP profitability with 90% EBIT margins on $20 million runway, while the biopharma arm forecasts $100–200 million funding into late 2027–2028.
1. Separation Plan
AnaptysBio will split into two publicly traded entities: RoyaltyCo, retaining rights to GSK’s Jemperli royalties and future imsidolimab royalties, and BiopharmaCo, which will house its development programs ANB033, ANB101 and rosnilimab, along with employees and remaining cash. Management has filed a Form 10 and expects to complete the spin-off within the next few months.
2. Financial Outlook
The royalty business projects immediate GAAP profitability with annualized operating expenses under $10 million and runway covered by $20 million, implying high-90% EBIT margins. The biopharma company begins with $310 million cash, estimating $100 million funding into late 2027 to support ANB033 phase 2 trials, or $200 million to extend into late 2028 with additional studies.
3. Pipeline Development
Rosnilimab showed statistically significant responses in rheumatoid arthritis at three and six months with durable effects through nine months off drug, positioning it for a phase 3 design meeting. ANB033 is conducting two celiac disease cohorts with gluten challenge and mucosal healing endpoints, expecting combined readouts by Q4, while ANB101 remains in early development.
4. GSK Litigation
AnaptysBio has filed suit against GSK alleging breach of exclusivity and development obligations in combination trials, countering GSK’s repudiation claim. The dispute focuses on contractual duties to optimize Jemperli’s commercial return and is scheduled for trial in Delaware Chancery Court on July 14.