Anaptys Sets Sights on Split: Biopharma and Royalty Businesses to Operate Independently by 2026
Planned Separation Aims to Unlock Distinct Value Streams
In a major strategic move, AnaptysBio has announced plans to split its business into two independent, publicly traded companies by the end of 2026. This separation aims to clarify the value of its immunology pipeline and substantial royalty rights, letting investors target the risk-reward profile that fits their goals best.
Why Now? Differentiated Growth Paths for Royalty and Biopharma Assets
The proposed separation comes as Anaptys juggles both clinical innovation and lucrative financial collaborations. Post-split, the two new companies will focus on sharply different objectives:
- Royalty Management Co: Manages rights to milestone and royalty payments from assets such as Jemperli (partnered with GSK) and imsidolimab (with Vanda), with an eye on predictable, cash-flow-generating income.
- Biopharma Co: Pursues clinical development and potential commercialization of immunology therapies including rosnilimab, ANB033, and ANB101 for autoimmune and inflammatory diseases.
Royalty Management Co: Attractive Revenue Streams Anchored by Jemperli
Royalty Management Co stands to benefit from growing commercial traction for Jemperli. GSK's cancer therapy reported impressive Q2 2025 sales of $262 million (USD) and $482 million in the first half, with quarterly sales rising over 19% in USD terms. GSK continues to target more than $2.7 billion in peak annual Jemperli sales across approved and new indications, bolstering royalty expectations.
| Product | 2025 H1 Sales (USD, millions) | Peak Sales Guidance (USD, billions) | Royalty Terms |
|---|---|---|---|
| Jemperli (GSK) | 482 | 2.70 | 8% to 25% based on tiered net sales |
| Imsidolimab (Vanda) | - | - | 10% net sales, $35M potential milestones |
According to Anaptys, its financial arrangement entitles it to receive increasing royalty rates as Jemperli's sales surpass various thresholds. However, a portion of current royalties is being redirected to Sagard until an aggregate payout of $600 million is reached, expected between mid-2027 and Q2 2028.
Biopharma Co: Focusing on Immunology Pipeline and Milestones
Biopharma Co, as the drug development engine, will keep advancing Anaptys's pipeline:
- Rosnilimab: Completed Phase 2b in rheumatoid arthritis and progressing in ulcerative colitis, with pivotal data due by year-end 2025.
- ANB033: CD122 antagonist being trialed in celiac disease.
- ANB101: BDCA2 modulator targeting pDCs, in early-stage development.
What to Watch: Key Milestones and Next Steps
For investors and stakeholders, the path forward includes regulatory, clinical, and business execution checkpoints. Completion of the separation remains subject to board approval and customary conditions. Clinical trial updates and partnership developments, especially regarding rosnilimab, may influence future asset allocation between the companies.
Management is hosting a conference call at 4:30pm ET today, which could shed light on strategic considerations and operational details behind the planned separation. For the latest webcast and replay information, visit the Anaptys investor site.
Takeaway: Strategic Separation Highlights Tailored Value Opportunities
Anaptys’s split is more than just corporate housekeeping. For those seeking innovation in immunology, Biopharma Co presents a pure-play clinical development story. Meanwhile, investors with a preference for established cash flow and royalty growth might find Royalty Management Co’s structured income streams appealing—especially as Jemperli and imsidolimab continue their commercial advance.
With both arms primed to chart their own growth stories, the separation sets up a scenario where distinct strategies can flourish—potentially creating more value than a single, combined entity.
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