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Investing.com -- AnaptysBio Inc (NASDAQ:ANAB) stock dropped 11.1% in premarket trading Friday after the clinical-stage biotechnology company announced it has filed a lawsuit against TESARO, Inc., a unit of GSK (NYSE:GSK), for allegedly breaching their collaboration agreement.
The company’s complaint, filed in Delaware Chancery Court, contends that TESARO violated exclusivity obligations by participating in clinical trials with competing PD-1 antagonists, including Keytruda. AnaptysBio also claims TESARO failed to use "Commercially Reasonable Efforts" to obtain optimal commercial returns for Jemperli, the drug developed under their partnership.
This legal action follows a similar complaint filed by AnaptysBio in 2020, which resulted in a settlement including cash payment and increased royalties. The current dispute emerged after TESARO initiated its own lawsuit against AnaptysBio on November 20, claiming AnaptysBio breached their agreement.
Both parties have requested an expedited schedule with trial anticipated in July 2026. Milestone and royalty payments to AnaptysBio will continue during the proceedings.
Under the collaboration agreement signed in March 2014, AnaptysBio is eligible to receive tiered royalties on Jemperli sales ranging from 8% to 25% depending on sales volume. The company expects to accrue a $75 million commercial sales milestone in Q4 2025 when Jemperli reaches $1 billion in worldwide net sales.
Currently, Jemperli receivables are payable to Sagard due to prior monetizations, with AnaptysBio estimating Sagard will have accrued $250 million in royalties and sales milestones through year-end 2025.
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