AnaptysBio falls after board approves First Tracks Biotherapeutics spinoff

Shares of drug developer AnaptysBio ANAB.O fall 2.14% to $63.60

Co says its board approved the spin-off of First Tracks Biotherapeutics, and the new company is expected to start regular trading on Nasdaq on April 20 under the ticker "TRAX"

AnaptysBio shareholders will receive one First Tracks share for each AnaptysBio share they own, based on holdings as of April 6

Co says First Tracks will start with $180 million in cash, including $80 million from a private placement, which it expects will fund the business for about two years

First Tracks will focus on new antibody treatments for autoimmune and inflammatory diseases

ANAB shares more than tripled in 2025