AnaptysBio's Bold Split Aims to Unlock Shareholder Value

SAN DIEGO, CA – March 03, 2026 – AnaptysBio, a clinical-stage biotechnology company, today announced a transformative plan to split its operations into two independent, publicly traded companies, a strategic move that has already sent its stock to a 52-week high. The plan will separate its high-growth research and development pipeline from its increasingly lucrative royalty assets, a decision aimed at unlocking significant value for investors.

The company revealed its biopharma operations will be spun off into a new entity named "First Tracks Biotherapeutics, Inc." (to trade under Nasdaq: TRAX), while the legacy company will retain the AnaptysBio name (Nasdaq: ANAB) and morph into a pure-play royalty management firm. The separation is on track for the second quarter of 2026, potentially as early as late April.

The announcement came as AnaptysBio reported strong fourth-quarter and full-year 2025 financial results, bolstered by surging royalty revenue from Jemperli, its out-licensed cancer therapy marketed by GSK. This dual announcement has been met with enthusiasm on Wall Street, with analysts upgrading ratings and price targets, viewing the split as a clear path to realizing the distinct value of each business segment.

"We are approaching a defining inflection point for Anaptys, as we plan to spin-off in Q2 2026 our wholly owned biopharma portfolio into a public company... to unlock and amplify value for investors across two distinct sets of assets," said Daniel Faga, president and chief executive officer of Anaptys.

A Blueprint for Biotech Value Creation?

The strategic separation of AnaptysBio is a classic corporate finance maneuver designed to address a common biotech conundrum: how to value a company with both a high-risk, long-term R&D pipeline and a stable, cash-generating royalty stream. By creating two distinct entities, the company allows investors to choose the profile that best fits their strategy.

The "new" AnaptysBio will become a streamlined royalty management company. Its primary assets will be the financial collaborations from the blockbuster cancer drug Jemperli and the promising psoriasis treatment imsidolimab. This entity is designed to appeal to investors seeking stable, predictable returns and a share in the profits of already successful drugs, a relatively lower-risk proposition in the volatile biotech sector. Daniel Faga is expected to serve as the initial CEO of this royalty-focused firm.

On the other side of the split, First Tracks Biotherapeutics will emerge as a pure-play R&D innovator. It will inherit AnaptysBio's clinical-stage pipeline, including promising treatments for autoimmune and inflammatory diseases. This company is designed for growth-oriented investors willing to embrace the higher risks of drug development in exchange for the potential of massive rewards from clinical breakthroughs. First Tracks will launch with adequate capital to fund its operations through several key product milestones, mitigating initial funding concerns.

This "divide and conquer" strategy is not new in the broader pharmaceutical world, with giants like Pfizer and Johnson & Johnson having spun off business units to enhance focus. For AnaptysBio, the move is seen by analysts as a savvy way to force a re-rating of its assets, which they argue have been undervalued within the combined company structure.

First Tracks' High-Stakes Immunology Pipeline

The future of First Tracks Biotherapeutics rests on its promising, if unproven, immunology pipeline. The new company will be led by a seasoned team, including CEO Daniel Faga and members of Anaptys's current board, and will focus on advancing three key assets.

The lead candidate is ANB033, a CD122 antagonist with what the company calls "pipeline-in-a-product potential." It is currently being evaluated in two separate Phase 1b trials. One trial targets celiac disease, a condition with no approved therapeutic options beyond a strict gluten-free diet. The study is assessing ANB033's ability to prevent gluten-induced mucosal damage and promote healing, with top-line data expected in the fourth quarter of 2026. The second Phase 1b trial, initiated in early 2026, is exploring the drug's potential in eosinophilic esophagitis (EoE), with data anticipated in 2027.

Next in the pipeline is rosnilimab, a pathogenic T cell depleter being studied for rheumatoid arthritis (RA). While the RA market is crowded and highly competitive, First Tracks plans to advance the program with funding from strategic partners or other external sources, with an update expected in the second quarter of 2026.

Finally, ANB101 is a BDCA2 modulator in a Phase 1a trial. Early preclinical data suggests it could be a more potent and durable antibody than a competing drug from Biogen, positioning it as a potential best-in-class agent for certain autoimmune diseases. The success of these programs will be the ultimate measure of value for First Tracks and its investors.

The Royalty Engine Powering the Split

The confidence to execute this complex separation is fueled by the powerful financial engine of Jemperli. Marketed by GSK, the PD-1 antagonist for cancer has seen explosive growth. Sales hit $343 million in the fourth quarter of 2025, a greater than 13% increase from the previous quarter, putting it on a nearly $1.4 billion annualized run rate.

This performance directly benefits Anaptys. The company received a one-time $75 million milestone payment in December 2025 after Jemperli surpassed $1 billion in annual sales. Looking ahead, Anaptys projects it could receive over $390 million in annualized royalties as early as 2029, based on GSK’s peak sales guidance of more than $2.7 billion. GSK is also investing heavily in additional trials for Jemperli in other cancers, including rectal, colon, and head and neck cancers, potentially expanding its market and royalty potential even further.

Adding to the royalty portfolio is imsidolimab, an IL-36R antagonist licensed to Vanda Pharmaceuticals. In February 2026, the FDA accepted Vanda's application to market the drug for generalized pustular psoriasis (GPP), a rare and severe skin condition. With a target action date of December 12, 2026, a potential approval could open up another long-term revenue stream for the royalty company, with patent exclusivity expected to extend into the late 2030s.

This robust and growing cash flow provides the financial stability for the legacy company and ensures the spin-off, First Tracks, is well-capitalized from its inception. AnaptysBio finished 2025 with a strong cash and investments position of $311.6 million, providing a solid foundation for the transition and future operations of both entities. The strategic split appears poised to create two distinct, focused companies, each with a clear mission and a compelling story for investors.