AnaptysBio to Split into Two Companies: Royalty Management and Biopharmaceutical Operations

AnaptysBio plans to split its operations into two separate publicly traded companies. The first company will focus on managing royalties and milestone payments from partnerships, particularly from collaborations involving Jemperli with GSK and imsidolimab with Vanda. The second company will focus on research and development of new drugs. This split aims to maximize the value of AnaptysBio's assets and create two separate entities with distinct focuses.

SAN DIEGO - Biotechnology company AnaptysBio, Inc. (NASDAQ:ANAB) has announced plans to split its operations into two distinct publicly traded companies by the end of 2026. The move aims to maximize the value of the company's assets by creating two separate entities with distinct focuses: one on royalty management and the other on research and development of new drugs.

The first entity, "Royalty Management Co," will oversee royalties and milestone payments from existing financial collaborations, including Jemperli with GSK and imsidolimab with Vanda Pharmaceuticals. This company will manage the rights to Jemperli royalties, which range from 8% to 25% of net sales depending on revenue thresholds. GSK recently reported $262 million in Q2 2025 sales for Jemperli, showing over 19% quarter-over-quarter growth AnaptysBio plans to split into two separate public companies^[1].

The second entity, "Biopharma Co," will continue as a clinical-stage biotechnology firm focused on developing immunology therapeutics for autoimmune and inflammatory diseases. This company will focus on developing rosnilimab, ANB033, and ANB101. Rosnilimab has completed a Phase 2b trial in rheumatoid arthritis and is currently in a Phase 2 trial for ulcerative colitis, with top-line data expected by December 2025 AnaptysBio (ANAB) Plans to Split into Two Separate Public Companies^[2].

The separation is subject to final board approval and other customary conditions. The biopharma company is expected to launch with sufficient capital to fund operations for at least two years.

AnaptysBio's current financial health presents a mixed picture. The company has a market capitalization of approximately $650.93 million and a current ratio of 8.22, indicating strong liquidity. However, it is currently operating at a loss with negative EBITDA of $85.6 million in the last twelve months. The company's net margin stands at -107.66%, and the Altman Z-Score of -1.78 places it in the distress zone, implying potential risk of bankruptcy AnaptysBio (ANAB) Plans to Split into Two Separate Public Companies^[2].

The proposed split aims to provide investors with the opportunity to match their investment strategies with the objectives of either company. The separation is intended to enhance the potential value of two distinct sets of assets. Daniel Faga, president and CEO of AnaptysBio, will lead the biopharma company after the separation AnaptysBio plans to split into two separate public companies^[1].

Investors should closely monitor the situation, as recent concerns related to Eli Lilly’s PD-1 agonist, peresolimab, have contributed to volatility in AnaptysBio’s stock. The company’s stock has historically shown low correlation with broader market movements, with a beta of -0.18 AnaptysBio plans to split into two separate public companies^[1].