First Tracks Biotherapeutics secures $145 million private placement ahead of spinoff

AnaptysBio Inc. (NASDAQ: ANAB) announced that its planned spinoff company First Tracks Biotherapeutics has secured $145 million in private placement commitments from investors.

The transaction includes $80 million in gross proceeds to First Tracks Biotherapeutics from the sale of 5,791,478 shares at $13.81 per share. EcoR1 Capital will sell an additional 4,705,576 shares at the same price, bringing the total placement to $145 million before fees and expenses.

The private placement is contingent on completion of the spinoff from AnaptysBio, which is expected to occur on April 20, 2026. First Tracks Biotherapeutics will launch with $180 million in cash and a two-year cash runway, according to the company.

First Tracks Biotherapeutics plans to use proceeds for general corporate purposes, including clinical development of ANB033, a CD122 antagonist.

Investors in the financing include 683 Capital Partners, Adage Capital Partners, Affinity Asset Advisors, Ally Bridge Group, Janus Henderson Investors, Palo Alto Investors, Point72, StemPoint Capital, TCGX, Trails Edge Capital Partners, Vestal Point Capital, and Woodline Partners, among others.

Leerink Partners, Barclays and UBS Investment Bank are serving as placement agents for the transaction.

The securities are being sold in a private placement not registered under the Securities Act of 1933. First Tracks Biotherapeutics has agreed to file a registration statement with the Securities and Exchange Commission for resale of the common stock sold in the transaction.

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