AnaptysBio Inc

AnaptysBio Inc (ANAB) is a special situation likely to return 50-80+% over the next 4-6 weeks. Following the April 2026 taxable spin-off of its R&D heavy clinical stage biopharma assets, AnaptysBio is now a royalty business driven primarily by sales of the blockbuster drug Jemperli. Anaptys has accused GSK of violating their license agreements, with a trial scheduled for July 14-17. If successful, Anaptys could reclaim Jemperli, potentially valuing shares at ~$300. A more likely outcome is a settlement, which would increase royalty rates and provide cash compensation, positioning Anaptys favorably for significant upside.

We initiated AnaptysBio in April on the thesis that its litigation with GSK would be resolved and either 1) drive higher-than-expected profits in future periods or 2) result in the acquisition of the company. This potential resolution presents a unique opportunity for significant upside, as we believe the outcome could unlock shareholder value. Our investment framework continues to favor companies with strong catalysts, and AnaptysBio fits this profile well.

AnaptysBio is a drug royalty company primarily benefiting from the sales of its cancer drug Jemperli, which is expected to generate over $1B in revenue for GSK this year. The company is currently suing GSK for allegedly violating their agreement, and a settlement or acquisition by GSK seems likely. Given GSK's significant investment in oncology and the strategic importance of Jemperli, the outcome could lead to a substantial increase in AnaptysBio's valuation. The alignment of AnaptysBio's management with shareholders further supports this positive outlook.

AnaptysBio is a drug royalty company with significant potential due to its cancer drug Jemperli, which is expected to generate over $1B in revenue for GSK. The company is currently suing GSK for allegedly violating their agreement, and a settlement or acquisition by GSK seems likely. The lawsuit's outcome could lead to GSK losing rights to Jemperli, which would be detrimental for them. Given the alignment of AnaptysBio's management with shareholders and the potential for a lucrative acquisition, the investment presents a compelling opportunity.