Dougal Waters/DigitalVision via Getty Images Introduction Given its planned separation into a royalty company and another with a development-stage pipeline, AnaptysBio ( ANAB ) now has to be valued as two different businesses. The royalty business, backed by the billion-dollar blockbuster Jemperli, is high-margin, while the biopharma company has rosnilimab, a phase 2b asset in rheumatoid arthritis...
Dougal Waters/DigitalVision via Getty Images Introduction Given its planned separation into a royalty company and another with a development-stage pipeline, AnaptysBio ( ANAB ) now has to be valued as two different businesses. The royalty business, backed by the billion-dollar blockbuster Jemperli, is high-margin, while the biopharma company has rosnilimab, a phase 2b asset in rheumatoid arthritis. Rosnilimab, a selective pathogenic T-cell depleter, demonstrated statistically significant efficacy across multiple endpoints in a 424-patient global RA study. The royalty company will begin life with roughly $140–$145 million in net cash, a low-cost structure, and royalty from Jemperli alone will be around $100 million annualized. Plus it has imsidolimab. First Tracks, the pipeline company, will launch with around $180 million in cash. That brings us to the idea that if the royalty business, with its steady income stream, is supporting a large part of the current market value, then the pipeline isn’t being priced to succeed. However, rosnilimab’s data—particularly the translational evidence connecting targeted T-cell depletion in both blood and synovium with signs of clinical improvement—deserves to be assigned some value. In this article, after looking at the clinical evidence and the competitive landscape, we will run through a valuation framework that separates the royalty business from the pipeline. The Separation The royalty company, management has said, will operate with a minimal annual operating expense of less than $10 million and minimal infrastructure, so it will be a high-margin business. Jemperli has already surpassed $1 billion in annual sales. Imsidolimab, which targets generalized pustular psoriasis (GPP), has a PDUFA on December 12. The NDA is supported by Phase 3 (GEMINI-1/GEMINI-2) data that saw a rapid response where ~53% achieved clear/almost clear skin vs. ~13% placebo at Week 4. GPP is not a large market, and spesolimab (Spevigo) is the only approv...
Plus: teams who went out of Europe without losing a game, and rare competitive meetings Mail us with your questions and answers “What’s the furthest a team has gone in Europe while being relegated in the same season?” wonders Matt Reilly. This question was probably asked in reference to Tottenham, who were still in the Champions League at the time, but it’s still relevant to some of this year’s qu...
Plus: teams who went out of Europe without losing a game, and rare competitive meetings Mail us with your questions and answers “What’s the furthest a team has gone in Europe while being relegated in the same season?” wonders Matt Reilly. This question was probably asked in reference to Tottenham, who were still in the Champions League at the time, but it’s still relevant to some of this year’s quarter-finalists. Nottingham Forest are three points above the relegation places in the Premier League; Fiorentina only have a five-point cushion in Serie A. Real Zaragoza 2001-02, first round; 2007-08, first round Alaves 2002-03, second round Celta Vigo 2006-07, last 16 Real Zaragoza 2007-08, first round Real Betis 2013-14, last 16 Espanyol 2019-20, last 32 Blackburn Rovers 1998-99, Uefa Cup first round Bradford City 2000-01, Intertoto semi-final Ipswich Town 2001-02, Uefa Cup third round Ruda Hvezda Brno 1960-61, Cup Winners’ Cup Dynamo Zilina 1961-62, Cup Winners’ Cup Espanyol 1961-62. Inter-Cities Fairs Cup Napoli 1962-63, Cup Winners’ Cup Bayern Munich 1962-63, Inter-Cities Fairs Cup 1. FC Magdeburg 1965-66, Cup Winners’ Cup Lyn 1968-69, Cup Winners’ Cup Beroe Stara Zagora 1973-74, Cup Winners’ Cup Real Betis 1977-78, Cup Winners’ Cup Bologna 1990-91, Uefa Cup First round Artmedia Bratislavia (2-2 away, 3-1 home) Group stage Sparta Prague (2-0 away), Zulte Waregem (6-2 home), Ajax (2-0 away), Austria Wien (1-0 home) Last 32 Livorno (2-1 away, 2-0 home) Last 16 Maccabi Haifa (0-0 away, 4-0 home) Quarter-final Benfica (3-2 home, 0-0 away) Semi-final Werder Bremen (3-0 home, 2-1 away) Final Sevilla 2-2 (1-3 pens) Continue reading...
Sing believes her ‘farm strength’ can help her compete with Red Roses star to become England’s starting full-back Emma Sing has ambitions to become England’s starting full-back in the Six Nations, but insists there is no rivalry between her and Ellie Kildunne, the Red Roses’ breakout World Cup star. Sing is a Rugby World Cup winner, a multiple Six Nations grand slam champion and has lifted the Pre...
Sing believes her ‘farm strength’ can help her compete with Red Roses star to become England’s starting full-back Emma Sing has ambitions to become England’s starting full-back in the Six Nations, but insists there is no rivalry between her and Ellie Kildunne, the Red Roses’ breakout World Cup star. Sing is a Rugby World Cup winner, a multiple Six Nations grand slam champion and has lifted the Premiership Women’s Rugby trophy three times. Touting her achievements is not something the Gloucester-Hartpury back is comfortable with, but the silverware, along with her consistent club performances, are the reason why the 25-year-old is pushing for a starting place. Continue reading...
We have put together stories from our coverage on science from the past two weeks to help you stay informed. If you would like to see more of our reporting, please consider subscribing. 1. Chinese embassy in US confirms death of semiconductor researcher Wang Danhao Chinese semiconductor researcher Wang Danhao died at the University of Michigan last month, shortly after being questioned by US feder...
We have put together stories from our coverage on science from the past two weeks to help you stay informed. If you would like to see more of our reporting, please consider subscribing. 1. Chinese embassy in US confirms death of semiconductor researcher Wang Danhao Chinese semiconductor researcher Wang Danhao died at the University of Michigan last month, shortly after being questioned by US federal law enforcement. 2. ‘Impossible for Chinese’: Yale scientist Zhang Kai leaves US for China Zhang...
Ramberg/E+ via Getty Images France recorded a trade deficit of €5.8B in February of 2026, much wider than estimates. The increase in imports was driven by higher imports of natural hydrocarbons, transport equipment, and pharmaceuticals, particularly from China. The decline in exports is explained by a marked decrease in electricity exports and aerospace industry products. More on France U.S. Tarif...
Ramberg/E+ via Getty Images France recorded a trade deficit of €5.8B in February of 2026, much wider than estimates. The increase in imports was driven by higher imports of natural hydrocarbons, transport equipment, and pharmaceuticals, particularly from China. The decline in exports is explained by a marked decrease in electricity exports and aerospace industry products. More on France U.S. Tariffs: A New Trade War? EWQ: Falling Real Rates Delayed The Bear Case, But 2026 May Not European markets mixed as rising oil and war risks cloud outlook Germany's service sector growth slows sharply in March Seeking Alpha’s Quant Rating on iShares MSCI France ETF
Riley Exploration Permian (REPX) witnessed a jump in share price last session on above-average trading volume. The latest trend in earnings estimate revisions for the stock suggests that there could be more strength down the road.
Riley Exploration Permian (REPX) witnessed a jump in share price last session on above-average trading volume. The latest trend in earnings estimate revisions for the stock suggests that there could be more strength down the road.