AnaptysBio Outlines Plans to Split Into Royalty and Biopharma Firms

Company flags upcoming catalysts for Jemperli and pipeline programs

Published on Feb. 11, 2026

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AnaptysBio (NASDAQ:ANAB) outlined plans to separate its business into two publicly traded entities - a royalty-focused company and a biopharma company - and reviewed upcoming clinical and commercial catalysts for its key assets 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' of the two businesses.

Why it matters

The planned split aims to unlock value by separating AnaptysBio's royalty portfolio, anchored by GSK's Jemperli, from its biopharma operations. The move could provide more focused management and capital allocation for each business, while allowing current shareholders to retain proportional ownership in both entities.

The details

Under the planned structure, the royalty-focused entity will house AnaptysBio's royalties on Jemperli and potential economics from imsidolimab, while the biopharma business will include three clinical-stage programs: the CD122 antagonist ANB033, the BDCA2 modulator ANB101, and the anti-PD-1 antibody rosnilimab. Faga said the biopharma company will be capitalized with enough cash to reach key readouts in the CD122 program.

  • AnaptysBio is 'tracking towards a Q2 2026 separation' of the two businesses, though the timing could 'slip a little bit'.
  • Celiac disease data for the CD122 program (ANB033) is expected in Q4 2026.
  • Eosinophilic esophagitis (EoE) data for ANB033 is anticipated in 2027.
  • An end-of-phase 2 meeting with the FDA for the rosnilimab program is expected later in Q1 2026.
  • Rectal cancer pivotal trial data for Jemperli is expected this year.

The players

Daniel Faga

President and CEO of AnaptysBio.

GSK

The pharmaceutical company that markets Jemperli, from which AnaptysBio receives royalties.

Vanda Pharmaceuticals

The company that has licensed imsidolimab from AnaptysBio.

Biogen

A competitor developing a first-generation BDCA2 program that AnaptysBio is monitoring.

Sagard

The company that provided non-recourse debt financing to AnaptysBio.

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What they’re saying

“If you own 1% of Anaptys… you would own 1% of each business the day after the separation.”

— Daniel Faga, President and CEO (Guggenheim Emerging Outlook Biotech Summit 2026)

“One way or the other, we should see an approval for the second commercial asset, this calendar year.”

— Daniel Faga, President and CEO (Guggenheim Emerging Outlook Biotech Summit 2026)

“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.”

— Daniel Faga, President and CEO (Guggenheim Emerging Outlook Biotech Summit 2026)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

The planned split of AnaptysBio into a royalty-focused entity and a biopharma company aims to unlock value by providing more focused management and capital allocation for each business, while allowing current shareholders to retain proportional ownership in both entities. The company's pipeline and commercial assets, including Jemperli and potential imsidolimab approval, offer several near-term catalysts to watch.