ANAB · AnaptysBio, Inc.

AnaptysBio has completed a significant corporate restructuring by spinning off its biopharma operations into a separate publicly traded company, First Tracks Biotherapeutics. This transaction fundamentally changes AnaptysBio's business model from an operating biopharmaceutical company to a royalty management company focused exclusively on two key assets: the Jemperli royalties from the GSK collaboration and the imsidolimab royalties from the Vanda collaboration. The separation was executed through a Separation and Distribution Agreement and a Transition Services Agreement, which detail the allocation of assets and liabilities between the two entities. First Tracks Biotherapeutics received substantial assets including $100 million in cash, intellectual property related to its clinical-stage programs (rosnilimab, ANB033 and ANB101), and rights to future milestone payments from the Vanda collaboration. AnaptysBio retains the royalty streams and will operate with a virtual model designed to maximize shareholder returns through minimal operating expenses. The board and executive team changes reflect the new corporate structure, with several directors resigning and the Chief Medical Officer transitioning to the spun-off entity. This strategic move allows each company to focus on its distinct business model—AnaptysBio on royalty management and First Tracks Biotherapeutics on therapeutic development.