AnaptysBio, Inc. (Nasdaq: ANAB), a clinical-stage biotechnology
company developing first-in-class antibody product candidates
focused on emerging immune control mechanisms applicable to
inflammation and immuno-oncology indications, today announced the
signing of an agreement with Sagard Healthcare Royalty Partners to
monetize a portion of AnaptysBio’s future JEMPERLI royalties and
milestones. AnaptysBio intends to utilize the proceeds of the
transaction towards funding of its wholly-owned preclinical and
clinical-stage antibody programs.
“We believe this transaction with Sagard validates the future
commercial potential of JEMPERLI and brings significant
non-dilutive funding to AnaptysBio,” said Hamza Suria,
president and chief executive officer of AnaptysBio. “Using
our capital-efficient business model, AnaptysBio will continue to
focus on advancing wholly-owned therapeutic antibodies to clinical
data catalysts and the discovery of novel preclinical antibodies to
emerging inflammation and immuno-oncology targets.”
“We are thrilled to partner with AnaptysBio on this royalty
transaction which reflects our confidence in JEMPERLI as a
treatment for patients with certain endometrial and solid tumor
cancers. Sagard’s investment is aligned with our goal of
accelerating biopharmaceutical innovation by providing our partners
with flexible sources of financing,” said Ali Alagheband, Partner
at Sagard Holdings.
Upon closing of this transaction, which is anticipated by the
end of 2021, Sagard will pay AnaptysBio $250 million upfront in
exchange for royalties payable to AnaptysBio under its GSK
collaboration on annual global net sales of JEMPERLI below $1
billion starting October 2021. The royalty rate applicable below
the $1 billion annual net sales threshold is 8%. Sagard may also
receive up to a total of $105 million in potential cash milestones,
of which $15 million are subject to certain future JEMPERLI
regulatory filing and approval milestones and up to $90 million are
subject to certain commercial sales milestones due prior to
JEMPERLI achieving the $1 billion in annual global net sales
threshold.
Royalties payable above $1 billion JEMPERLI annual global net
sales, which are paid by GSK at 12% to 25%, and certain milestones
payable on annual sales at or above $1 billion are retained by
AnaptysBio and are not subject to this Agreement. Royalties and
milestones due upon development and commercialization of the
AnaptysBio-generated anti-TIM-3 antagonist (cobolimab) or
anti-LAG-3 antagonist (GSK4074386) antibodies under the GSK
collaboration, including in combination with JEMPERLI, are also not
subject to this Agreement. In addition, royalties due to AnaptysBio
from GSK’s global net sales of ZEJULA (niraparib) are excluded from
this Agreement.
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. Once Sagard receives an
aggregate of either $312.5 million (125% of the upfront) by the end
of 2026, or $337.5 million (135% of the upfront) during 2027 or
$412.5 million (165% of the upfront) at any time after 2027, the
Agreement will expire resulting in AnaptysBio regaining all
subsequent JEMPERLI royalties and milestones. The
closing of the transaction is subject to the satisfaction of
customary closing conditions.
About JEMPERLIDostarlimab, the anti-PD-1
antagonist antibody commercially known as JEMPERLI, was generated
by AnaptysBio using its proprietary somatic hypermutation (SHM)
antibody platform and subsequently developed by TESARO, Inc., now a
part of GSK, under a collaboration agreement. In April 2021,
JEMPERLI was granted accelerated approval by the FDA for the
treatment of certain adult patients with mismatch repair deficient
(dMMR) endometrial cancer and conditional approval by the EMA for
certain adult patients with dMMR or microsatellite instability-high
(MSI-H) endometrial cancer. In August 2021, JEMPERLI was granted
accelerated approval by the FDA for certain adult patients with
dMMR solid tumors. JEMPERLI is also being developed by GSK for the
treatment of other tumor types, including a currently ongoing phase
III trial in first-line endometrial cancer (RUBY), an ongoing phase
III trial with JEMPERLI and niraparib versus standard of care
platinum-based therapy as first-line treatment of ovarian cancer
(FIRST), and Phase II trials in non-small cell lung cancer,
colorectal cancer, cervical cancer, multiple myeloma and melanoma.
In June 2021, GSK estimated potential peak annual global JEMPERLI
sales on a non-risk adjusted basis of £1-2 billion pounds, which is
currently equal to approximately $1.4-$2.8 billion, for currently
approved indications and first-line use in endometrial and ovarian
cancer only.
About AnaptysBioAnaptysBio is a clinical-stage
biotechnology company developing first-in-class antibody product
candidates focused on unmet medical needs in inflammation. The
Company’s proprietary anti-inflammatory pipeline includes
imsidolimab, its anti-IL-36R antibody, previously referred to as
ANB019, for the treatment of dermatological inflammatory diseases,
including generalized pustular psoriasis, or GPP, acne and
hidradenitis suppurativa; rosnilimab, its anti-PD-1 agonist
program, previously referred to as ANB030, for treatment of certain
autoimmune diseases where immune checkpoint receptors are
insufficiently activated; and its BTLA modulator program, ANB032,
which is broadly applicable to human inflammatory diseases
associated with lymphoid and myeloid immune cell dysregulation.
AnaptysBio’s antibody pipeline has been developed using its
proprietary somatic hypermutation, or SHM platform, which uses in
vitro SHM for antibody discovery and is designed to replicate key
features of the human immune system to overcome the limitations of
competing antibody discovery technologies. AnaptysBio has also
developed multiple therapeutic antibodies in an immuno-oncology
collaboration with GSK, including an anti-PD-1 antagonist antibody
(JEMPERLI (dostarlimab-gxly) GSK4057190), an anti-TIM-3 antagonist
antibody (cobolimab, GSK4069889) and an anti-LAG-3 antagonist
antibody (GSK4074386), and an inflammation collaboration with
Bristol-Myers Squibb, including an anti-PD-1 checkpoint agonist
antibody (CC-90006) currently in clinical development.
About SagardSagard is a multi-strategy
alternative asset manager with more than US$8 billion under
management and professionals located in Canada, the US, Europe and
Asia. Sagard seeks attractive investment returns through a
combination of flexible capital, entrepreneurial and disciplined
culture and a unique global network of portfolio companies, limited
partners, advisors and other valued relationships. Today, Sagard
invests across four asset classes: private equity (Sagard Private
Equity Canada, Sagard Europe, Sagard NewGen), private credit
(Sagard Credit Partners), royalties (Sagard Healthcare Royalty
Partners), and venture capital (Portage Ventures and our ecosystem
partner, Diagram Ventures).
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995, including, but not limited to: expectations regarding the
commercial potential and anticipated peak annual global sales of
JEMPERLI, the timing and potential amount of milestones and royalty
payments to be received under the GSK partnership and benefits
expected from the agreement with Sagard. Statements including words
such as “plan,” “continue,” “expect,” or “ongoing” and statements
in the future tense are forward-looking statements. These
forward-looking statements involve risks and uncertainties, as well
as assumptions, which, if they do not fully materialize or prove
incorrect, could cause our results to differ materially from those
expressed or implied by such forward-looking statements.
Forward-looking statements are subject to risks and uncertainties
that may cause the company’s actual activities or results to differ
significantly from those expressed in any forward-looking
statement, including the risk that the transaction with Sagard may
not close when expected, or at all, the risk that commercial sales
of JEMPERLI may not reach expected levels, risks and uncertainties
related to the company’s ability to advance its product candidates,
obtain regulatory approval of and ultimately commercialize its
product candidates, the timing and results of preclinical and
clinical trials, the company’s ability to fund development
activities and achieve development goals, the company’s ability to
protect intellectual property and other risks and uncertainties
described under the heading “Risk Factors” in documents the company
files from time to time with the Securities and Exchange
Commission. These forward-looking statements speak only as of the
date of this press release, and the company undertakes no
obligation to revise or update any forward-looking statements to
reflect events or circumstances after the date hereof.
Contact:Dennis MulroyAnaptysBio,
Inc.858-732-0201dmulroy@anaptysbio.com
AnaptysBio (NASDAQ:ANAB)
Historical Stock Chart
From Jun 2024 to Jul 2024
AnaptysBio (NASDAQ:ANAB)
Historical Stock Chart
From Jul 2023 to Jul 2024