AnaptysBio (NASDAQ:ANAB) outlined plans for a corporate separation and highlighted upcoming clinical and royalty-related catalysts during a presentation at the 44th Annual JPMorgan Healthcare Conference. CEO Dan Faga described 2026 as a “transformational year,” centered on a planned split into two entities: a development-focused biopharma business and a royalty management business.
Planned separation into two businesses
Faga said AnaptysBio announced in September 2025 its intention to separate into two businesses during 2026, with the company “targeting” completion in the second quarter, though he emphasized it is not yet definitive due to ongoing audit work and SEC process requirements.
Key open items ahead of the separation include decisions on how to allocate the company’s reported $310 million in cash between the two entities and whether there could be any transaction timing that affects where rosnilimab ultimately resides (though Faga said the base case is for rosnilimab to be part of Biopharma Co).
Royalty Management Co: JEMPERLI and imsidolimab royalties
Faga said the royalty management business would be designed to “protect and return” the value of royalties tied to JEMPERLI (sold by GSK) and imsidolimab (partnered with Vanda). He described a minimal operating structure and said this company would remain as the parent company following separation.
On JEMPERLI, Faga said sales “inflected in 2025,” citing more than $300 million in third-quarter revenue, driven principally by a U.S. launch in frontline endometrial cancer. He said GSK has shown “high teen% growth” over the last four quarters and that additional uptake outside the U.S. could follow reimbursement expansion. He outlined a tiered royalty structure that begins at 8% up to $1 billion in annual revenue, stepping through 12% and 20%, and reaching 25% at $2.5 billion in annual revenue.
Faga also discussed what he characterized as meaningful royalty potential at GSK’s stated peak sales guidance of GBP 2 billion (about $2.7 billion) for monotherapy indications, which he said would imply $390 million of royalties at that level. He noted composition-of-matter protection through 2035 in the U.S. and 2036/2038 in Europe, with potential extensions.
AnaptysBio also has non-recourse debt with Sagard tied to the royalty stream. Faga said the company expects $250 million of $600 million in liabilities to be paid down by the end of 2025 and anticipates the full non-recourse debt would be paid off by Q2 2027.
For imsidolimab, Faga said Vanda submitted a BLA in December for generalized pustular psoriasis (GPP) and that AnaptysBio expects U.S. approval later in the calendar year. He noted AnaptysBio is entitled to a 10% flat royalty and receives sales and regulatory milestones under the collaboration, while Vanda may also pursue filings in Europe and Japan.
GSK litigation and potential contract implications
In the question-and-answer session, Faga discussed an ongoing legal dispute with GSK related to JEMPERLI. He said the biopharma separation is not impeded by the litigation and would be independent of anything related to JEMPERLI.
Faga said AnaptysBio was notified last summer that GSK initiated a pivotal trial combining one of its antibody-drug conjugates with both JEMPERLI and KEYTRUDA, which AnaptysBio views as a breach of its contract governing PD-1 development. He said AnaptysBio sent a dispute letter on October 7 to GSK’s head of R&D, and that GSK filed litigation on November 20. AnaptysBio filed a counterclaim alleging three material breaches, including exclusivity obligations, disclosure obligations, and provisions tied to “optimum commercial return.”
Faga said a trial date is scheduled for July 14–17 and that AnaptysBio has filed a motion to dismiss one of GSK’s claims. He added that if GSK is found to be in material breach on certain claims, the contract provides a reversion right for JEMPERLI back to AnaptysBio.
Biopharma Co: ANB033, rosnilimab, and ANB101
Faga said Biopharma Co would be anchored by three clinical assets, with the operating business “driven through” ANB033. He said AnaptysBio is enrolling patients in a Phase 1b celiac disease trial and announced the initiation of a second Phase 1b trial in eosinophilic esophagitis (EoE). He described ANB033 as a CD122 antagonist that blocks IL-15 and IL-2 signaling and said the company believes it has potency differentiation based on binding epitope and affinity.
Faga reviewed Phase 1a healthy volunteer results for ANB033, including favorable safety and tolerability, a two- to three-week half-life (IV and subcutaneous), and full receptor occupancy for more than 30 days after a single dose. He said the drug eliminated CD122-expressing NK cells while leaving a portion of NK cells that do not express CD122, and he described negligible impact on overall CD8 counts and no impact on total peripheral Tregs.
For celiac disease, Faga said there are no approved therapies and described a potential blockbuster opportunity. He cited more than one million diagnosed patients in the U.S. and roughly 250,000 who are non-responsive to a gluten-free diet, calling that segment alone a “$5 billion-plus” market. He detailed a Phase 1b design enrolling 60 patients split into two cohorts (gluten-challenge patients and patients with villus damage at baseline), with subcutaneous dosing at baseline, week 2, and week 4. Endpoints include histology (villus height to crypt depth ratio) and a symptom-based patient-reported outcome (the Celiac Disease Symptom Diary), along with translational measures such as IELs and biomarkers including interferon gamma and IL-15. He said data are expected in Q4.
In EoE, Faga said the company plans to initiate a trial later in the quarter and expects data in 2027. He characterized the market as large and growing, and stated that DUPIXENT is currently the only approved drug. He argued that CD122 antagonism could address both pathways associated with DUPIXENT response and non-response, referencing preclinical data and external proof-of-concept in the IL-15 space.
On rosnilimab, Faga described positive Phase 2b results in rheumatoid arthritis from a 424-patient trial presented at ACR, highlighting statistical significance on ACR20 and DAS28 across doses and deeper responses over time, including low disease activity and remission measures. He said the company plans to explore paths to a Phase 3 program over the next six months, including strategic collaboration, financing, or other sources of capital, and has an end-of-Phase 2 meeting with the FDA expected by the end of Q1. He added that the company does not plan to use royalty proceeds or current balance sheet cash to fund Phase 3 and expects a strategic partner will ultimately be needed for commercialization.
Faga briefly discussed ANB101, calling it a BDCA2 modulator in ongoing Phase 1a studies, and referenced competitive data expected from Biogen in the back half of the year.
About AnaptysBio (NASDAQ:ANAB)
AnaptysBio, Inc is a clinical-stage biotechnology company focused on the discovery and development of therapeutic antibody product candidates in immunology and inflammation. Founded in 2012 and headquartered in San Diego, California, AnaptysBio leverages a proprietary somatic hypermutation platform to rapidly generate and refine human antibodies with optimized efficacy and safety profiles. The company’s technology is designed to accelerate target validation and candidate selection across a range of immune-mediated conditions.
The company’s pipeline includes multiple clinical-stage programs addressing dermatological and inflammatory disorders.
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