AnaptysBio has confirmed its participation in several upcoming investor conferences, where management will detail a major corporate restructuring. The centerpiece of this strategy is a planned separation of the business into two independent, publicly-traded entities, targeted for completion by the end of 2026.
Financial Foundation and Upcoming Report
The company enters this transformative period from a position of financial strength. It anticipates closing its last fiscal year with approximately $300 million in cash and investments. This figure includes a significant one-time $75 million milestone payment from GSK, triggered after the partnered drug Jemperli achieved global net sales of $1 billion. Further financial details and an updated timeline for the separation will be provided when AnaptysBio releases its full fourth-quarter and annual 2025 results on February 26.
The Separation Blueprint: Two Distinct Entities
The board-approved plan involves cleaving the company’s operations into two separate tracks:
* A biopharma entity dedicated to the clinical development of novel immunology therapeutics.
* A royalty entity that will hold and manage the existing financial partnerships and license revenue streams.
This strategic move is designed to allow each business to pursue its specific objectives with greater focus. The future royalty company’s key assets will include the license agreements for the PD-1 antagonist Jemperli (with GSK) and Imsidolimab (with Vanda Pharmaceuticals).
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Clinical Pipeline Priorities Post-Restructuring
With the corporate split defining its future, AnaptysBio’s near-term clinical focus is clear. The lead program, Rosnilimab, is now concentrated solely on rheumatoid arthritis (RA) following the discontinuation of its ulcerative colitis program in November 2025 after Phase 2 results. The market is awaiting an update on the funding and development progress for this candidate in the first half of 2026.
The company is also advancing two other clinical assets:
* ANB033 is currently in a Phase 1b study for celiac disease and eosinophilic esophagitis.
* ANB101 is undergoing Phase 1a clinical trials.
The planned separation aims to provide a clearer valuation framework for both the high-potential, higher-risk clinical pipeline and the stable, income-generating royalty portfolio.
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