AnaptysBio: Key Takeaways Are Positive for ANAB from Our Discussion With Management Following Bench Trial

Research evidence excerpt

AnaptysBio: Key Takeaways Are Positive for ANAB from Our Discussion With Management Following Bench Trial

ears to favor ANAB's case, in our view

ANAB's CEO characterized the four‑day bench trial as an opportunity to connect documentary

evidence with witness testimony and demonstrate that the factual record supports ANAB's

interpretation of the collaboration agreement. According to ANAB, a central component of the

company's case was showing that contemporaneous negotiations, internal communications,

public disclosures, SEC filings, and historical interactions between the parties consistently

reflected ANAB's interpretation of the agreement's exclusivity provisions following the 2020

amendment. Management indicated that the company systematically presented evidence

spanning several years to support this position.

Management also emphasized that ANAB relied heavily on GSK's own internal documents and

analyses to support its commercially reasonable efforts claims. According to ANAB, the

company sought to demonstrate that GSK's development decisions in endometrial cancer,

NSCLC, and SCLC favored advancement of ADC programs and competing checkpoint inhibitors

at the potential expense of Jemperli's long‑term commercial opportunity. Mr. Faga noted that

ANAB relied extensively on GSK's own internal assessments and witness testimony to support

these arguments.

Looking ahead, the case will now move into the post‑trial briefing phase. ANAB expects to

submit its post‑trial brief first, followed by GSK's response and a subsequent reply from ANAB.

While the final schedule has not yet been established, management currently expects these

filings to occur during August and September, culminating in a post‑trial oral argument that is

anticipated in late September or October.