AnaptysBio Inc. (ANAB), on Friday, announced that its board has authorized a stock repurchase plan of up to $100 million and provided a business update.
The company said it plans to spin off its biopharma operations into First Tracks Biotherapeutics, with a target distribution date of April 20.
Following the spin-off, the company will focus on managing financial collaborations for Jemperli with GSK and imsidolimab with Vanda, with an initial $140 million to $145 million in net cash and investments.
The company said it expects to operate with a lean structure, targeting annual operating expenses of less than $10 million and an EBIT margin of more than 95%.
Separately, Anaptys appointed Susannah Gray, former CFO of Royalty Pharma, to its board of directors.
AnaptysBio is currently trading 2.01% higher at $66.28 on the Nasdaq.
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