Biogen to Acquire Apellis, Expanding Immunology and Nephrology Footprint
Biogen will acquire Apellis for $41 per share in cash (about $5.6 billion) plus a contingent value right tied to SYFOVRE’s sales, adding two approved medicines—EMPAVELI and SYFOVRE—to Biogen’s growth portfolio and accelerating Biogen’s nephrology plans with Apellis’ team; 2025 combined net product revenue for EMPAVELI and SYFOVRE was $689 million and is expected to grow mid-to-high teens through 2028. Closing is anticipated in Q2 2026, financed by cash and borrowings with plans to de-leverage by 2027. Apellis’ US sales capabilities and nephrology expertise will bolster Biogen’s readiness for felzartamab in Phase 3, while Sobi retains EMPAVELI rights outside the U.S.; the CVR pays up to two $2-per-share amounts based on SYFOVRE sales thresholds and a possible $4-per-share payment in 2031 if higher sales are reached.
