Biotech Values

[gfp927z]

HighPeaks, Concerning ANAB, it looks like some of the royalty stream due ANAB from Glaxo was already sold/monetized by ANAB back in December. ANAB received $250 mil in exchange for the portion of the royalty stream that is under $1 bil/year, plus some of the milestone payments due from Glaxo. But it looks like anything above $1 bil/year in annual sales will still go to ANAB at the 12-25% royalty rate. So if dostarlimab (JEMPERLI) is a blockbuster then big revenues for ANAB, but if dostalimab is only a niche product then not so great for ANAB. I'll have to dig more into the details, but this could explain the limited move in ANAB stock on the recent news. Also, looks like a lot of shorts (18% of float). An interesting stock though, with a lot of cash -



AnaptysBio - partnered programs -


https://www.anaptysbio.com/about/


>>> GlaxoSmithKline Partnership

Our immuno-oncology collaboration with GlaxoSmithKline (GSK) is focused upon the development and commercialization of AnaptysBio-generated checkpoint antagonist antibodies to PD-1, TIM-3 and LAG-3. The exclusively licensed products being advanced by GSK under this partnership include dostarlimab, cobolimab and GSK4074386.

JEMPERLI (dostarlimab) is an anti-PD-1 antagonist antibody currently under development by GSK for multiple oncological disorders, including endometrial cancer, non-small cell lung cancer, ovarian cancer, colorectal cancer and mismatch repair deficient solid tumors. A BLA for JEMPERLI was approved by the FDA in April 2021 for the treatment of advanced or recurrent deficient mismatch repair endometrial cancer (dMMREC). In April 2021, the European Medicines Agency (EMA) granted conditional marketing authorization in the European Union for JEMPERLI for use in women with mismatch repair deficient (dMMR)/microsatellite instability-high (MSI-H) recurrent or advanced endometrial cancer who have progressed on or following prior treatment with a platinum containing regimen, which approval makes JEMPERLI the first anti-PD-1 therapy available for endometrial cancer in Europe. The FDA approved JEMPERLI for a second indication, treatment of mismatch repair deficient cancers on a pan-tumor basis, in August 2021.

Cobolimab, an anti-TIM-3 antagonist antibody, has completed a Phase 1 study and is currently in combination Phase 2 trials with dostarlimab for certain solid tumor indications. GSK4069889, an anti-LAG-3 antagonist antibody, is undergoing Phase 1 studies.

Under the terms of our GSK collaboration, AnaptysBio is entitled to receive an 8-25% royalty upon global net sales of JEMPERLI, where the 8% tier is applicable to annual global net sales below $1 billion while net sales above $1 billion will be paid 12-25% royalty. Royalties upon global net sales of other products under the collaboration, including cobolimab and GSK4069889, will range from 4-8%. A total of $1.1 billion in development, regulatory and commercial milestones are due to AnaptysBio under this collaboration, including an additional $15 million and $165 million in milestone payments upon achievement of certain JEMPERLI regulatory and commercial milestones, respectively.

GSK has also agreed, starting January 1, 2021, to pay AnaptysBio a 1% royalty on all of GSK’s global net sales of ZejulaTM. In addition, GSK has agreed to pay AnaptysBio a one-time cash payment of $60 million in fourth quarter of 2020.

In December 2021, we announced the closing of a royalty monetization agreement with Sagard Healthcare Royalty Partners where AnaptysBio received $250 million, in exchange for JEMPERLI royalties due to AnaptysBio on annual commercial sales below $1 billion and certain future milestones starting October 2021. The aggregate JEMPERLI royalties and milestones to be received by Sagard under this Agreement is capped at certain fixed multiples of the upfront payment based upon time.


Bristol-Myers Squibb Partnership

Under our collaboration with Bristol-Myers Squibb (BMS) we developed therapeutic antibodies against multiple targets. We granted BMS the option to obtain worldwide commercial rights to antibodies generated against each of the targets under the agreement, which option was triggered on a target-by-target basis by our delivery of antibodies meeting certain pre-specified parameters pertaining to each target under collaboration. BMS is currently advancing two AnaptysBio-generated anti-inflammatory antibody programs, and has initiated a Phase 1 trial for one of these two antibodies known as CC-90006, a PD-1 agonist antibody, which is indicated for psoriasis.

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