Partnerships

GlaxoSmithKline Immuno-Oncology Financial Collaboration
Our immuno-oncology financial collaboration with GlaxoSmithKline (GSK) is focused upon the development and commercialization of Anaptys-discovered checkpoint antagonist antibodies including Jemperli (dostarlimab), a PD-1 antagonist, currently approved for endometrial cancer and dMMR pan tumors, and currently being studied in rectal cancer, colon cancer and head and neck squamous cell carcinoma
Potential royalties and milestones to Anaptys from GSK immuno-oncology financial collaboration

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

  • “Jemperli capped” non-recourse monetization
  • Jemperli receivables payable to Sagard until cumulative $600MM paydown by Mar. 31, 20311,2
    As of YE 2025, estimate ~$250MM accrued to Sagard
    Projected cumulative $600MM paydown mid-2027 and Q2 20283

1. The following Jemperli milestones are also still potentially payable from GSK but contribute to Sagard paydown: $15MM on regulatory approvals.
2. If cumulative $600MM not paid to Sagard by Mar. 31, 2031, the cumulative paydown increases to $675MM.
3. Forecast assumes constant ~10% QoQ sales growth from Q3’25 through Q2’27 and dMMR rectal approval and Q1 2028 derived from GSK analyst consensus as of 11/26/2025 converted to USD (1.35x 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.
Vanda Imsidolimab (IL-36R) Financial Collaboration

  • Exclusive global license to Vanda

    announced February 2025

  • $35 million future milestones

    $5 million – FDA approval in GPP

    $5 million – EMA approval in GPP

    $25 million – Achievement of $100 million WW annual net sales

  • 10% royalties on global net sales

  • FDA BLA submitted for generalized pustular psoriasis (GPP) in December 2025

Imsidolimab: two positive global Phase 3 studies in GPP

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