
AnaptysBio is now a focused royalty management company, with its value tied primarily to Jemperli royalties from GSK. Post-spin, ANAB operates virtually with a 95% targeted EBIT margin and over $140M net cash, eliminating prior R&D burn. Jemperli royalties escalate with sales, and once the Sagard obligation is paid (expected by mid-2027), ANAB will retain high-margin, growing royalty streams.










