AnaptysBio (NASDAQ:ANAB) outlined plans to separate its business into two publicly traded entities and reviewed upcoming clinical and commercial catalysts during a discussion at the Guggenheim Emerging Outlook Biotech Summit 2026. President and CEO Daniel Faga said the company is “tracking towards a Q2 separation,” though timing could “slip a little bit,” and described the transaction as a dividend of the biopharma operations to existing shareholders.
Planned separation into royalty and biopharma companies
Faga said the company intends to split its “biopharma operations” from its “core royalty portfolio.” Under the planned structure, current shareholders would retain proportional ownership in both businesses following the distribution. “If you own 1% of Anaptys… you would own 1% of each business the day after the separation,” he said, noting that additional details would be provided in a Form 10 as the process advances.
Royalty business: Jemperli growth and imsidolimab approval outlook
Faga described the remaining royalty-focused entity as anchored by two assets: royalties on GSK’s Jemperli and potential economics from imsidolimab, which Anaptys has outlicensed to Vanda.
On Jemperli, Faga pointed to recent momentum and said GSK is running at a $1.5 billion revenue run rate. He added that if recent quarter-over-quarter growth in the “teens” continues, Jemperli could reach $1.8 billion in revenue this year. He argued that consensus forecasts may not reflect current trends, saying that, as of January, some analyst models implied negative growth.
Faga attributed market share gains in frontline endometrial cancer to overall survival data for Jemperli and noted that European approval occurred later than in the U.S., with Europe “really just starting to get into the numbers right now” due to reimbursement timing.
He also highlighted upcoming data as potential drivers:
- Rectal cancer pivotal trial data expected this year; Faga referenced a phase 2 study showing a “100% ORR rate.”
- Additional data anticipated in dMMR colon cancer from a phase 2 study, which he characterized as potential “upside” to forecasts.
Faga said GSK has historically guided to peak sales greater than £2 billion (about $2.7 billion) and stated that the company has indicated endometrial cancer and rectal cancer monotherapy could reach those levels on their own, excluding other potential indications and combinations. He also cited intellectual property extending to “2035, 2036” for composition of matter.
On royalty economics, Faga said the royalty rate is “8% up to $1 billion” and escalates “to 25% at $2.5 billion of revenues.”
Regarding imsidolimab, he said Vanda filed a BLA in generalized pustular psoriasis (GPP) in December and is seeking accelerated approval. “One way or the other, we should see an approval for the second commercial asset, this calendar year,” he said.
Faga also addressed ongoing litigation related to Jemperli, stating it is “very specific to a contractual matter” and “does not impact the separation.”
Capital allocation and buybacks
Faga said the royalty entity is expected to be “virtual or semi-virtual” and require relatively little capital, but noted Anaptys has non-recourse debt with Sagard that it projects will be paid off around mid-2027. He framed capital allocation as a balancing act between funding the pipeline and taking advantage of what he called undervaluation in the royalty business, citing stock repurchases of “well north of 10% of the company” last year.
He added that Anaptys entered the year with $310 million in cash and said that if all cash were allocated to the biopharma business, it would provide runway “into 2028,” calling the decision “a judgment call” aimed at creating value for both entities.
Biopharma pipeline: CD122, ANB101, and rosnilimab
Faga said the spun-out biopharma company would include rosnilimab, a CD122 program, and ANB101.
CD122 program (ANB033): Faga said the CD122 antagonist blocks signaling of both IL-15 and IL-2, which he described as a differentiating feature versus IL-15-only approaches. The company is running a phase 1b trial in celiac disease and plans to initiate a phase 1b trial in eosinophilic esophagitis (EoE) “imminently.” He said celiac data is expected in Q4 of this year, while EoE data “won’t be until 2027.”
In celiac disease, Faga described two cohorts: one involving a gluten challenge to induce deterioration in placebo patients, and another cohort of patients with existing mucosal injury to assess healing using the villous height-to-crypt depth (VHCD) ratio. He said the trial doses subcutaneously at weeks 0, 2, and 4, with biopsy at week 12, reflecting the company’s view that it has pharmacodynamic durability that could support different dosing profiles. He also said the trial includes a validated patient-reported outcome, the Celiac Disease Symptom Diary, alongside histology.
For EoE, Faga said the company plans to power the phase 1b study to assess the FDA’s co-primary endpoints, including both eosinophil reduction and symptomatic benefit. He discussed preclinical work in an eosinophilic model and argued CD122 could address biology relevant to both patients who respond to Dupixent and those who do not.
Faga also stated that ANB033 is, to his knowledge, the only subcutaneous CD122 program currently in the clinic, and said Anaptys believes it has higher affinity and a differentiated binding epitope that together “yield more potency.”
ANB101 (BDCA2 modulator): Faga said the program is in an ongoing phase 1 trial and described it as a more potent molecule with a longer half-life and a differentiated pharmacodynamic depletion profile of plasmacytoid dendritic cells. He said he is watching upcoming competitive readouts, including Biogen’s first-generation BDCA2 program, with phase 3 readouts expected this year in systemic lupus erythematosus (SLE) and in 2027 in cutaneous lupus erythematosus (CLE), as well as planned phase 2 CLE data at an upcoming conference.
Rosnilimab (RA): Faga said the company expects an end-of-phase 2 meeting with the FDA later this quarter, which he said will help determine phase 3 program size and cost. He said Anaptys is seeking “strategic capital, financial capital, or a combination” to advance phase 3 in rheumatoid arthritis and emphasized that completing the separation is the top priority, with rosnilimab funding as the second priority.
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.
