09:58 AM EDT, 03/27/2026 (MT Newswires) -- AnaptysBio's ( ANAB ) board has approved the planned spin-off of First Tracks Biotherapeutics and a repurchase program for up to $100 million shares, the company said in separate Friday statements.

AnaptysBio ( ANAB ) said its shareholders will get one First Tracks Bio share for every AnaptysBio ( ANAB ) share they own.

First Tracks Bio is expected to start "regular-way" trading on Nasdaq on April 20 under the ticker TRAX, and will launch with $180 million in cash, comprising $100 million from AnaptysBio ( ANAB ) and $80 million from a private placement, and an initial two-year cash runway, AnaptysBio ( ANAB ) said.

Following the planned spin-off of First Tracks Bio, AnaptysBio ( ANAB ) said it will manage the financial collaborations for Jemperli with GSK (GSK) and imsidolimab with Vanda Pharmaceuticals ( VNDA ) .

Separately, AnaptysBio ( ANAB ) said that First Tracks Bio and selling stockholder EcoR1 Capital have signed a purchase agreement with investors for a $145 million private placement.

First Tracks Bio is selling nearly 5.8 million shares at $13.81 per share for gross proceeds of $80 million, AnaptysBio ( ANAB ) said, adding that the closing of the private placement is subject to completion of the spin-off.

EcoR1 Capital is selling 4.7 million First Tracks Bio shares at the same price, AnaptysBio ( ANAB ) said.

AnaptysBio ( ANAB ) shares were down 1.3% in early Friday trading.

Price: 64.16, Change: -0.83, Percent Change: -1.28