AnaptysBio
AnaptysBio is a virtual, publicly traded royalty management company managing contracted royalty streams on Jemperli (GSK, tiered 8-25%) and imsidolimab (Vanda, 10%) following its April 2026 spin-off of biopharma operations into First Tracks Biotherapeutics.
- Company typePublic
- Founded2005
- HeadquartersSan Diego, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What AnaptysBio does
AnaptysBio, Inc. (NASDAQ: ANAB) is a publicly traded, virtual royalty management company headquartered in San Diego, California. Effective April 20, 2026, the company spun off its biopharma development operations into First Tracks Biotherapeutics (NASDAQ: TRAX) and now operates with fewer than 10 FTEs and less than $10M in annualized operating expenses, targeting greater than 95% EBIT margins.
AnaptysBio's sole business is managing two contracted royalty streams from out-licensed pharmaceutical assets: (1) tiered royalties of 8-25% on worldwide net sales of Jemperli (dostarlimab), a PD-1 antagonist originally discovered by AnaptysBio and now commercialized by GSK for endometrial cancer and dMMR pan tumors, with ongoing label-expansion studies in rectal, colon, and head and neck cancers; and (2) a 10% royalty on global net sales of imsidolimab, an IL-36R antagonist for generalized pustular psoriasis, licensed exclusively to Vanda Pharmaceuticals with an FDA BLA target action date of December 12, 2026. The company previously monetized $300M of Jemperli receivables through a non-recourse facility with Sagard Healthcare Royalty Partners, with cumulative $600M payable to Sagard by March 31, 2031.
The company's revenue mechanics are driven entirely by partner commercialization performance rather than by AnaptysBio's own sales activity. Capital allocation is oriented toward share repurchases ($100M authorized) and future royalty acquisitions, supported by approximately $140-145M in net cash post-spin-off. Jemperli Q1 2026 sales of $313M (more than 40% YoY growth) and FY 2025 sales of $1.128B (89% YoY growth) underpin a projected annualized royalty run-rate exceeding $390M as early as 2029, contingent on GSK reaching its guided $2.7B+ peak monotherapy sales target. The April 2026 Delaware Chancery Court ruling dismissed Tesaro's challenge to the royalty structure, contractually preserving the 8-25% tiered rates through patent expiry in 2035-2038.
AnaptysBio firmographics
Firmographics- Name
- AnaptysBio
- Legal name
- AnaptysBio, Inc.
- Website
- https://anaptysbio.com
- Company type
- Public
- Founded year
- 2005
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- AnaptysBio is a virtual, publicly traded royalty management company managing contracted royalty streams on Jemperli (GSK, tiered 8-25%) and imsidolimab (Vanda, 10%) following its April 2026 spin-off of biopharma operations into First Tracks Biotherapeutics.
- Ownership category
- akta.pro rank
AnaptysBio industry classification
Industry- Product category
- Biopharmaceutical Royalty Management
- NAICS
- Biological Product (except Diagnostic) Manufacturing (325414), Pharmaceutical Preparation Manufacturing (325412)
- SIC
- Biological Products, (No Disgnostic Substances) (2836), Pharmaceutical Preparations (2834)
- akta.pro primary industry
- Immunology & Autoimmune Specialty Pharmaceuticals (HLAIACAB)
Keywords
Where AnaptysBio is headquartered
LocationHeadquarters
- HQ city
- San Diego
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
AnaptysBio business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Others, Technology or R&D
Revenue model
- Jemperli Royalties (GSK): Tiered royalty structure on annual worldwide net sales: 8% on sales up to $1B, 12% on $1.0-1.5B, 20% on $1.5-2.5B, 25% on sales exceeding $2.5B. Royalty rates preserved through 2035 (US) and 2036 (EU) following court ruling dismissing Tesaro's breach claim. Following capped non-recourse monetizations of $300MM, receivables payable to Sagard Healthcare Royalty Partners until cumulative $600MM paydown by March 31, 2031.
- Imsidolimab Royalties (Vanda): 10% royalties on global net sales of imsidolimab for generalized pustular psoriasis. Vanda holds exclusive global license. FDA BLA accepted with target action date of December 12, 2026. Regulatory and patent exclusivity expected to extend into late 2030s.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Other | Jemperli tiered royalties: 8% ($0-$1B), 12% ($1-1.5B), 20% ($1.5-2.5B), 25% (>$2.5B) |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels4 records
AnaptysBio product offering
Product offeringCore offering
AnaptysBio is a virtual pharmaceutical royalty management company that manages two financial collaborations: tiered royalties of 8%-25% on worldwide net sales of Jemperli (dostarlimab), a PD-1 antagonist approved for endometrial cancer and dMMR pan tumors and commercialized by GSK; and 10% royalties on global net sales of imsidolimab, an IL-36 receptor antagonist licensed to Vanda Pharmaceuticals for generalized pustular psoriasis. Following the April 2026 spin-off of its biopharma operations into First Tracks Biotherapeutics, the company operates with fewer than 10 FTEs and focuses exclusively on protecting and maximizing these royalty streams.
Product overview
AnaptysBio operates as a virtual royalty management company with a lean operating model (less than 10 FTEs, less than $10 million annualized operating expenses, greater than 95% EBIT margin). The company exclusively manages two financial collaborations: (1) Jemperli (dostarlimab) with GSK, a PD-1 antagonist approved for endometrial cancer and dMMR pan tumors, generating tiered royalties of 8%-25% on annual worldwide net sales based on sales tiers ($0-1B at 8%, $1-1.5B at 12%, $1.5-2.5B at 20%, and >$2.5B at 25%); and (2) imsidolimab with Vanda, an IL-36R antagonist for generalized pustular psoriasis (GPP), generating 10% royalties on global net sales. The company spun off its biopharma development operations into First Tracks Biotherapeutics in April 2026 to focus solely on royalty stream management.
Differentiator
Problem solved
Functional benefit
Brands
- Jemperli: PD-1 antagonist drug (dostarlimab) approved for endometrial cancer and dMMR pan tumors, partnered with GSK. Anaptys receives tiered royalties of 8%-25% on net sales.
- imsidolimab
Products and services
- Jemperli (dostarlimab) Royalty Management
Quantifiable outcome
- Jemperli sales growing >40% YoY with Q1 2026 sales of $313MM and FY 2025 sales of $1.128B
- +3 more outcomes
Companies that use AnaptysBio
Customer profileNamed customers2 records
Segments1 record
Ideal customer profiles2 records
AnaptysBio technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
AnaptysBio partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered supporting and core.
- Owen HughessupportingCEO of XOMA Royalty, added to Board of Directors to strengthen leadership with expertise in royalty management and biotech finance.
- Christopher MurphysupportingAppointed CFO in May 2026, bringing extensive experience in finance, business development, and royalty management from prior roles at Third Harmonic Bio and Horizon Therapeutics.
- Vanda PharmaceuticalscoreExclusive global license to Vanda for imsidolimab, an IL-36R antagonist for generalized pustular psoriasis (GPP). Vanda submitted BLA to FDA (accepted, target action date December 12, 2026). Anaptys receives 10% royalties on global net sales. Regulatory and patent exclusivity expected into late 2030s.
- GSK (GlaxoSmithKline)coreFinancial collaboration focused on development and commercialization of Anaptys-discovered Jemperli (dostarlimab), a PD-1 antagonist approved for endometrial cancer and dMMR pan tumors, with ongoing studies in rectal cancer, colon cancer, and head and neck squamous cell carcinoma. Tiered royalty structure of 8-25% on annual worldwide net sales. GSK guiding to >$2.7 billion peak monotherapy sales for Jemperli.
- Susannah GraysupportingFormer CFO of Royalty Pharma, appointed to Board of Directors to leverage corporate and royalty finance expertise following the company's transition to a pure-play royalty management model.
Scale indicators6 records
Recent moves8 records
Expansion highlights5 records
AnaptysBio competitors and assessment
Company assessmentEmerging players
- OrbiMed Advisors: OrbiMed is a healthcare-dedicated investment firm with a growing royalty and structured financing practice alongside its private equity and public equity strategies. Comparable to AnaptysBio as a source of competing royalty capital and as a potential acquirer/investor in pharma royalty streams.
- Innovatus Capital Partners: Innovatus Capital Partners operates a life sciences royalty and structured financing strategy focused on commercial-stage and near-commercial healthcare assets. Comparable to AnaptysBio's royalty management approach with similar asset types and counterparty profiles (pharma/biotech licensors).
- Compass Therapeutics: Compass Therapeutics (NASDAQ: CMPX) is a clinical-stage oncology company developing antibody-based immunotherapies. Partially comparable to AnaptysBio's pre-spin-off discovery capabilities and to its current antibody royalty asset (Jemperli) given overlapping immuno-oncology therapeutic area.
- Zymeworks: Zymeworks (NASDAQ: ZYME) is a clinical-stage biotechnology company developing multifunctional biotherapeutics, with multiple pharma licensing partnerships. Comparable to AnaptysBio's original out-licensing model for antibodies and to board member connections (Oleg Nodelman and Hollings Renton both serve on Zymeworks' board).
- MacroGenics: MacroGenics (NASDAQ: MGNX) is a clinical-stage biopharmaceutical company developing antibody-based therapeutics for cancer and autoimmune disease, overlapping with AnaptysBio's historical immuno-oncology (PD-1) and immunology (IL-36R) discovery focus. Comparable as a biologics platform peer rather than as a royalty comp.
Direct peers
- Royalty Pharma: Royalty Pharma (NASDAQ: RPRX) is the largest pharmaceutical royalty acquisition company, purchasing royalty interests in marketed and late-stage therapies. It is the most directly comparable peer to AnaptysBio's pure-play royalty model, with a similar emphasis on tiered/long-duration royalties and capital return to shareholders. Susannah Gray, AnaptysBio board member, was previously EVP Finance and CFO of Royalty Pharma.
- HealthCare Royalty Partners: HealthCare Royalty Partners (HCR) is a private investment firm that provides capital to healthcare companies through structured royalties and debt instruments. It is a direct peer to AnaptysBio's royalty management focus, with similar late-stage therapeutic royalty portfolios and is one of the established non-bank royalty capital providers in the market.
- XOMA Royalty: XOMA Royalty (NASDAQ: XOMA) acquires and manages royalty and milestone interests in pre-commercial and commercial therapeutic assets, primarily in biotech. It is a direct peer to AnaptysBio's royalty management model with similar lean operating economics and a focus on late-stage assets. Owen Hughes, AnaptysBio board member, is CEO of XOMA Royalty.
- DRI Healthcare Trust: DRI Healthcare Trust (TSX: DHT.UN) acquires, manages and grows royalty interests in healthcare products, with a portfolio concentrated in approved and commercial-stage therapies. It is a directly comparable royalty acquirer/manager to AnaptysBio's pure-play model, with overlapping assets in inflammation and immunology therapeutic areas.
Broad incumbents
- Regeneron Pharmaceuticals: Regeneron (NASDAQ: REGN) is a large established biopharmaceutical company commercializing multiple therapeutic antibodies including immuno-oncology assets. While broader and vertically integrated, it is comparable as a leading antibody therapeutics platform and a potential acquirer of or competitor to AnaptysBio's PD-1/IL-36R antibody programs.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
AnaptysBio social profiles
Digital presenceAnaptysBio financial estimates
Financial estimateRevenue estimate
Valuation estimate
AnaptysBio leadership team
Management profileNumber of profiles
Profiles8 records
AnaptysBio funding detail
Funding detailFunding overview
Funding rounds6 records
Investors15 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
AnaptysBio M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about AnaptysBio
What does AnaptysBio do?
AnaptysBio is a virtual pharmaceutical royalty management company that manages two financial collaborations: tiered royalties of 8%-25% on worldwide net sales of Jemperli (dostarlimab), a PD-1 antagonist approved for endometrial cancer and dMMR pan tumors and commercialized by GSK; and 10% royalties on global net sales of imsidolimab, an IL-36 receptor antagonist licensed to Vanda Pharmaceuticals for generalized pustular psoriasis. Following the April 2026 spin-off of its biopharma operations into First Tracks Biotherapeutics, the company operates with fewer than 10 FTEs and focuses exclusively on protecting and maximizing these royalty streams.
Is AnaptysBio a public or private company?
AnaptysBio is a public company. It is classified as public and is currently operating.
When was AnaptysBio founded?
AnaptysBio was founded in 2005. It employs 101 to 250 people.
Where is AnaptysBio based?
AnaptysBio is headquartered in San Diego, United States, in the North America region.
How does AnaptysBio make money?
Two revenue lines are on record. Jemperli Royalties (GSK) is the primary driver. The others are imsidolimab Royalties (Vanda).
Who are AnaptysBio's main competitors?
Emerging players on record are OrbiMed Advisors, Innovatus Capital Partners, Compass Therapeutics, Zymeworks and MacroGenics. Direct peers are Royalty Pharma, HealthCare Royalty Partners, XOMA Royalty and DRI Healthcare Trust. Regeneron Pharmaceuticals is listed as a broad incumbent.
Does AnaptysBio have an API?
No public API is recorded for AnaptysBio.
What industry is AnaptysBio in?
AnaptysBio's product category is Biopharmaceutical Royalty Management. Its primary akta.pro industry code is HLAIACAB, Immunology & Autoimmune Specialty Pharmaceuticals. Its NAICS code is 325414 and its SIC code is 2836.