AnaptysBio, Inc. announced the spin-off of its subsidiary First Tracks Biotherapeutics, which will become an independent public company. The spin-off includes a private placement for First Tracks, the termination of an existing sales agreement, executive transitions, and a new stock repurchase plan for AnaptysBio.
Key takeaways
First Tracks Biotherapeutics will be spun off from AnaptysBio, with a distribution date of April 20, 2026, and will trade on Nasdaq under ticker 'TRAX'.
First Tracks entered into a private placement to sell 5,791,478 primary shares at $13.81 per share, generating approximately $80 million in gross proceeds.
AnaptysBio's Board authorized a new stock repurchase plan to buy back up to $100 million of its common stock.
AnaptysBio terminated its Sales Agreement with TD Securities (USA) LLC, ending its ATM Program.
Susannah Gray was appointed as a Class I director to AnaptysBio's Board, effective March 26, 2026.
Executive officers Dennis Mulroy and Eric Loumeau entered into transition and separation agreements with AnaptysBio, effective upon the spin-off.