Laughing Water Capital added AnaptysBio as a new position in the second quarter of 2026, citing a special situation that could resolve quickly. Following a taxable spinoff of its developmental drug assets, AnaptysBio is now an asset-light royalty company collecting payments on sales of Jemperli, a cancer drug commercialized by GSK. The firm believes it purchased shares at a discount to the present value of future royalties, but sees additional upside from a trial set for July 14-17 in which AnaptysBio accuses GSK of violating their commercial agreement. If AnaptysBio prevails, it could recover the entirety of Jemperli, potentially pushing shares to nearly $300 versus an average purchase price below $60. A more likely scenario, according to Laughing Water Capital, is a settlement or outright acquisition by GSK, which could yield 50 to over 80 percent upside.
AnaptysBio IncLaughing Water Capital added AnaptysBio as a new position, citing a special situation with potential 50-80% upside from a trial or settlement.
GSK plcAnaptysBio accuses GSK of violating their commercial agreement for Jemperli; if AnaptysBio prevails, GSK could lose rights to the drug.