Royalty rate

(annual WW net sales)

(PD-1 antagonist)

8% – $0 to $1 billion

12% – $1.0 to $1.5 billion

20% – $1.5 to $2.5 billion

25% – >$2.5 billion

Remaining retained milestones

(PD-1 antagonist)

• $75MM when annual net sales ≥ $1 billion¹

• “Jemperli – only” capped non-recourse monetization

• Jemperli receivables payable to Sagard until cumulative $600MM paydown by Mar. 31, 2031^1,2
  ~$122MM paid to Sagard as of June 2025
  Projected cumulative $600MM paydown Q3 2028 based on Wall Street Consensus³

1. The $75MM commercial milestone is excluded from Sagard monetization. The following Jemperli milestones are also still potentially payable from GSK but contribute to Sagard paydown: $15MM on regulatory approvals and $50MM on annual net sales of $750MM.
2. If cumulative $600MM not paid to Sagard by Mar. 31, 2031, the cumulative paydown increases to $675MM.
3. GSK analyst consensus as of 6/6/2025 converted to USD (1.36x conversion rate), GSK website – https://www.gsk.com/en-gb/investors/analyst-consensus/
Note: Anaptys’ capped non-recourse monetizations resulted in $300MM of non-dilutive capital, including $250MM in Oct. 2021 and $50MM in May 2024.
Note: Separate sale of Anaptys’ Zejula (niraparib) royalty interest occurred in September 2022 to DRI Healthcare Trust for $35MM upfront + $10MM potential milestone upon FDA approval of Zejula for the treatment of endometrial cancer, to the extent that such approval occurs on or before 12/31/25. At present, the Jemperli plus Zejula combination demonstrated significantly improved PFS in primary advanced or recurrent endometrial cancer in the RUBY Phase III trial.

Access scientific publications on our immuno-oncology and imsidolimab partnerships.