Anaptys to Get $50M in Capped Non-Recourse Deal from Amended Sagard Agreement for More Jemperli Royalties

AnaptysBio, Inc., a clinical-stage biotechnology company focused on immunology therapeutics, has finalized an amended agreement with Sagard Healthcare to secure additional royalties for its drug, Jemperli (dostarlimab). AnaptysBio will receive $50 million upfront from Sagard, which will aid in the continued development of its immune cell modulators (ICMs), including advanced checkpoint agonists targeting autoimmune and inflammatory diseases.

Daniel Faga, CEO of AnaptysBio, expressed confidence in the amended agreement, noting that it underscores the commercial potential of Jemperli and provides non-dilutive funding, strengthening their financial position. This capital injection will support ongoing investments in their ICM portfolio, anticipated to have four programs in clinical development by the end of 2024, aimed at delivering transformative treatments to patients.

Ali Alagheband, a partner at Sagard, highlighted their confidence in Jemperli's efficacy in treating certain endometrial cancers and its potential as both a monotherapy and in combination with other treatments for various solid tumors. Sagard’s investment aligns with their mission to accelerate biopharmaceutical innovation through flexible financing solutions.

The transaction, expected to close by the end of the following week, stipulates that Sagard will receive royalties on global net sales of Jemperli under the GSK collaboration. The amended agreement specifies royalty tiers of 12% to 25% for annual global net sales exceeding $1 billion, while the lower tier of 8% for sales below this threshold remains unchanged. Additionally, Sagard could earn up to $105 million in potential cash milestones, contingent on regulatory filings, approvals, and commercial sales milestones for Jemperli before it achieves the $1 billion annual sales mark.

A notable milestone of $75 million, due when Jemperli reaches $1 billion in annual global net sales, remains outside this agreement. Royalties and milestones related to the anti-TIM-3 antagonist (cobolimab, GSK4069889) under the GSK partnership are also excluded.

The capped aggregate of royalties and milestones for Jemperli under the amended agreement has been adjusted. If Sagard receives an aggregate of $600 million by March 31, 2031, or $675 million if received later, the agreement will terminate, allowing AnaptysBio to regain all subsequent royalties and milestones from the GSK collaboration.

Legal counsel for AnaptysBio in this transaction is Goodwin Procter LLP, while Foley Hoag LLP represents Sagard.

Jemperli, a programmed death receptor-1 (PD-1)-blocking antibody, binds to the PD-1 receptor and inhibits its interaction with PD-L1 and PD-L2. In the United States, Jemperli is approved for combination therapy with carboplatin and paclitaxel, followed by Jemperli as a single agent for treating adult patients with certain types of endometrial cancer. It is also approved as a single agent for treating adult patients with advanced endometrial cancer that has progressed following prior platinum-containing regimens. Additionally, Jemperli is indicated for patients with advanced solid tumors who lack satisfactory alternative treatments, under accelerated approval based on response rates.

Discovered by AnaptysBio and licensed to TESARO, Inc., Jemperli is currently under GSK's purview for research, development, commercialization, and manufacturing, including the anti-TIM-3 antagonist cobolimab.

AnaptysBio specializes in developing innovative immunology therapeutics with a focus on immune cell modulators for autoimmune and inflammatory diseases. Their pipeline includes advanced programs like ANB032 and rosnilimab, and preclinical candidates like ANB033 and ANB101. They also offer cytokine antagonists for out-licensing, including imsidolimab and etokimab.

Sagard is an asset management firm with over $25 billion under management, investing in venture capital, private equity, private credit, and real estate. They provide flexible capital and support through a global network from offices in Canada, the United States, Europe, and the Middle East.