Jemperli Royalty Dispute Could Be a Game Changer for AnaptysBio (ANAB)

• In late November 2025, AnaptysBio and GSK/Tesaro initiated competing lawsuits in Delaware Chancery Court, each accusing the other of breaching their collaboration and exclusive license agreement involving the oncology drug Jemperli.
• This legal conflict places the terms surrounding milestone and royalty payments, exclusivity rights, and the ongoing commercial development of Jemperli at the center of uncertainty for both parties.
• We'll examine how the dispute over Jemperli's exclusivity and royalty terms adds complexity to AnaptysBio's investment narrative.

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What Is AnaptysBio's Investment Narrative?

To own shares of AnaptysBio right now is to believe in the value of its royalty streams, potential pipeline breakthroughs, and any upside from a possible business reorganization. The recent lawsuit with GSK/Tesaro over Jemperli’s collaboration terms materially affects this thesis by injecting risk around royalty and milestone certainty, currently a vital catalyst, especially with a one-time US$75 million milestone anticipated if Jemperli’s sales hit US$1 billion. The legal outcome could shift both near-term cash flow and longer-term royalty rights, which until now were taken as relatively stable, and it adds uncertainty at a time when the company is already unprofitable and discontinuing some development programs. That said, buybacks and revenue growth remain positive backdrops, but the current core risk is whether royalty flows from Jemperli will remain insulated during this dispute.

In contrast, not everything about AnaptysBio’s future payments is guaranteed, read on for what's at stake.

The analysis detailed in our AnaptysBio valuation report hints at an inflated share price compared to its estimated value.

Exploring Other Perspectives

Only one fair value estimate from the Simply Wall St Community is available, pinpointing US$63.91. That singular perspective contrasts with fresh legal risks facing upcoming royalty milestones, emphasizing how sharply investor views can differ on AnaptysBio’s story. See other interpretations inside.

Explore another fair value estimate on AnaptysBio - why the stock might be worth just $63.91!

Build Your Own AnaptysBio Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your AnaptysBio research is our analysis highlighting 1 key reward and 4 important warning signs that could impact your investment decision.
• Our free AnaptysBio research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate AnaptysBio's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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