First Read: AnaptysBio Inc "Summarizing key evidence from the pre-trial..."

Research evidence excerpt

First Read: AnaptysBio Inc "Summarizing key evidence from the pre-trial..."

Cons.

which is Jemperli’s core market and where Jemperli is supposed to be differentiated thus

Q1 (1.84) (1.84)

effectively "pulling the rug from under the cross functional teams out there in the field

Q2E 0.34 (0.11)

who are trying to differentiate dostarlimab over Keytruda" (Figure 1Excerpt1fromAnaptysBiopre-trialbrief&Figure 2Excerpt2fromAnaptysBiopre-trialbrief).

Q3E 0.58 0.07

Q4E 1.10 0.27

In response, GSK points to the substantial investment the company has made into 12/26E 0.13 (1.32)

Jemperli with over $3B invested in the program and to the substantial $440M+ royalties/ 12/27E 5.48 0.97

milestones paid to AnaptysBio to date. The company argues that "commercially 12/28E 7.86 2.01

reasonable efforts" do not extend to pursuing every single possible opportunity for

Michael Yee

Jemperli especially at the development stage and that combinations with ADCs will Analyst

serve to increase pot'l peak sales for Jemperli. michael.yee@ubs.com

+1-305-536 9101

(2) GSK's freedom to operate post 2020 settlement: GSK/Tesaro argue the 2020 Dina Elmonshed

amendment expressly preserves freedom to develop non-Tesaro assets without being Analyst

constrained by Tesaro's exclusivity obligations which "shall not apply" to GSK. They dina.elmonshed@ubs.com

include testimony from former ANAB CEO and then "principal negotiator" Hamza Suria +1-212-649 8276

that suggest "alignment" "with respect to the freedom of operating language" in the Kyle Yang, CFA

2020 amendment 3 to the collaboration agreement (Figure 3Excerpt1fromGSKpre-trialbrief). They also argue that the Associate Analyst

language of the amendment allows for trials where dostarlimab is included in addition kyle.yang@ubs.com