AnaptysBio (ANAB) TD Cowen 46th Annual Health Care Conference summary

Recent accomplishments and business separation

• Announced separation into two publicly traded companies: a royalty business and a biopharma operation, with Form 10 filed and completion expected in the next couple of months.

• Royalty business anchored by JEMPERLI, generating significant royalties, and IMSIDOLIMAB, with a second commercial-stage royalty expected by year-end.

• Biopharma business to include ANB033 (CD122 antagonist), ANB101 (BDCA-2 modulator), ROSNILIMAB, and cash, with all employees transitioning.

• Stock repurchases have been executed, buying back over 11% of shares, and the royalty business will operate with minimal OpEx and high EBIT margins.

• The split aims to unlock value for shareholders by creating a focused royalty entity and an unencumbered biopharma franchise.

Financial and management structure post-separation

• Entered 2024 with $310 million in cash; royalty business requires minimal funding and is expected to be cash flow positive by late 2027.

• Biopharma business will be allocated $100–$200 million, funding ANB033 through phase II trials and potentially additional indications.

• Biopharma board will be a subset of the current board, with CEO and key executives transitioning; royalty business will have minimal management.

JEMPERLI royalty business outlook and litigation

• JEMPERLI is on a $1.4 billion+ run rate, driven by strong U.S. and European launches, with further growth expected as it gains share from KEYTRUDA.

• Anticipates substantial ramp-up in Europe and potential U.S. approval in rectal cancer this year, with additional pivotal trial readouts in colon and head and neck cancers.

• Litigation with GSK centers on exclusivity and disclosure obligations regarding JEMPERLI combinations; trial set for July 14th in Delaware Chancery Court.