AnaptysBio Approves Spin-Off of First Tracks Biotherapeutics

AnaptysBio announced that its board of directors has approved the previously announced spin-off of First Tracks Biotherapeutics. The new company is expected to begin "regular-way" trading on Nasdaq on April 20, under the ticker symbol (TRAX). First Tracks Bio will be a clinical-stage biotechnology company advancing next-generation antibody therapeutics that modulate immune pathways implicated in autoimmune and inflammatory diseases. Its initial three lead development-stage assets will include ANB033, a CD122 antagonist, in a Phase 1b trial for celiac disease and eosinophilic esophagitis; rosnilimab, a pathogenic T cell depleter, which has completed a Phase 2b trial for rheumatoid arthritis; and ANB101, a BDCA2 modulator, in a Phase 1a trial. To effect the separation, Anaptys' board of directors approved a distribution to Anaptys stockholders of all shares of First Tracks Bio common stock. Holders of Anaptys common stock will be entitled to receive one share of First Tracks Bio common stock for every one share of Anaptys common stock held on the expected record date of April 6. The distribution is expected to occur on April 20, prior to market open. For U.S. federal income tax purposes, the distribution is expected to be a taxable transaction for Anaptys. The distribution is subject to certain conditions described in the registration statement on Form 10 filed by First Tracks Bio.