AnaptysBio Plans First Tracks Spin-Off as Jemperli Royalties Surge, Buybacks Possible

The company expects to create a new entity, First Tracks Biotherapeutics, within the next few months.

Published on Mar. 11, 2026

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AnaptysBio (NASDAQ:ANAB) is preparing to separate its business into two entities, with CEO Daniel Faga telling Barclays Senior Biotech Analyst Gena Wang that the company expects to create a new company, First Tracks Biotherapeutics, within 'a month or two.' Under the plan, the existing AnaptysBio name will remain with a lean, royalty-based business, while the majority of employees, labs, and development-stage assets will transfer to First Tracks.

Why it matters

The spin-off plan will allow AnaptysBio to focus on its high-margin, low-cost royalty business, which is expected to be cash flow positive and GAAP positive right away. The move also frees up capital that could be used for potential share buybacks. The new First Tracks entity will house the company's development-stage pipeline, including promising programs targeting inflammatory conditions like celiac disease and eosinophilic esophagitis.

The details

Under the spin-off plan, the royalty-focused AnaptysBio will retain rights tied to two programs that have already advanced beyond internal development - dostarlimab (Jemperli), a PD-1 antagonist sold by GSK, and imsidolimab, an IL-36 receptor antagonist being developed for generalized pustular psoriasis. The post-spin AnaptysBio is expected to have an EBIT margin in the 'mid-high 90% range,' fewer than 10 employees or contractors, and less than $10 million in annual operating expense. On Jemperli, Faga said GSK entered the current calendar year with a $1.4 billion revenue run rate for the drug, translating to roughly $100 million in royalties for AnaptysBio. He expects Jemperli sales could reach 'far north of' $2.7 billion as early as 2029, which could generate up to $400 million in royalties for AnaptysBio.

  • The company expects to create the new First Tracks Biotherapeutics entity within 'a month or two'.
  • GSK has said pivotal results for Jemperli in rectal cancer are expected later this year.
  • Primary completion of a phase II trial for Jemperli in pMMR colon cancer is scheduled for this year.
  • AnaptysBio expects to meet with the FDA regarding the rosanilimab program during the current quarter.
  • AnaptysBio expects to report phase I-B results for its ANB033 celiac disease program in Q4 of this year.

The players

AnaptysBio

A clinical-stage biotechnology company focused on the discovery and development of therapeutic antibody product candidates in immunology and inflammation.

Daniel Faga

The CEO of AnaptysBio.

First Tracks Biotherapeutics

The new company that will be spun off from AnaptysBio, housing the majority of employees, labs, and development-stage assets.

GSK

The pharmaceutical company that sells the PD-1 antagonist drug Jemperli, which is one of AnaptysBio's royalty-generating programs.

Vanda

The company developing imsidolimab, an IL-36 receptor antagonist, which is another of AnaptysBio's royalty-generating programs.

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What they’re saying

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