AnaptysBio (ANAB) Guggenheim Securities Emerging Outlook: Biotech Summit 2026 summary

Corporate restructuring and separation

• Announced plan to split into two companies: a biopharma business and a royalty business, targeting Q2 for completion.

• Biopharma business will include three clinical-stage programs and most employees, with sufficient capital to advance trials.

• Royalty business will retain assets anchored by Jemperli (GSK royalty) and imsidolimab (outlicensed to Vanda), with long-term IP protection.

• Shareholders will receive proportional ownership in both entities post-separation.

• Ongoing litigation with GSK does not impact the separation process.

Royalty business outlook

• Jemperli's sales are growing, with GSK guiding to over £2 billion peak sales, driven by endometrial and rectal cancer indications.

• Royalty rates escalate from 8% up to 25% as revenues increase, with IP extending to 2035-2036.

• Additional catalysts include upcoming rectal and colon cancer data, and potential approval of imsidolimab in GPP this year.

• Royalty business will operate with minimal capital needs and aims to pay off non-recourse debt by mid-2027.

• Stock repurchases are prioritized if undervaluation persists.

Biopharma pipeline and clinical development

• CD122 program targets celiac disease and EoE, with phase 1b trials ongoing or imminent; celiac data expected Q4 this year.

• CD122 antagonist offers differentiation by blocking both IL-15 and IL-2 pathways, potentially addressing broader disease biology.

• EoE trial is powered for both eosinophil reduction and symptomatic benefit, with data expected in 2027.

• BDCA2 modulator (ANB101) is in phase 1, with a more potent and longer-acting profile than competitors; future direction depends on external phase 3 data.

• Rosnilimab completed phase 2b in RA; phase 3 planning underway, with funding and partnership options being explored.