In a strategic move to accelerate near-term revenue growth, Biogen has announced a definitive agreement to acquire Apellis Pharmaceuticals for $41 per share in cash. The deal, valued at approximately $5.6 billion, is slated for completion in the second quarter of 2026.
The acquisition grants Biogen ownership of two commercially available therapies:
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Syfovre: For the treatment of geographic atrophy (GA) in ophthalmology.
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Empaveli: Approved for paroxysmal nocturnal hemoglobinuria (PNH) and rare kidney diseases (C3G and IC-MPGN).
Apellis’ marketed portfolio generated $689 million in total sales last year. Biogen forecasts these products to achieve mid-to-high teens annual growth over the next two years, providing a financial bridge until Biogen’s own late-stage pipeline begins to contribute around 2028.
CEO Chris Viehbacher characterized the deal as an “immunology play,” noting that Empaveli will serve as a commercial anchor for Biogen’s broader nephrology ambitions, including the future rollout of Felzartamab. By acquiring a company with existing market presence, Biogen aims to mitigate the risks associated with late-stage clinical trials while leveraging its commercial infrastructure to maximize product potential.
The transaction includes a Contingent Value Right (CVR) for Apellis shareholders, potentially adding $4 per share based on future sales milestones. Biogen expects to integrate a significant portion of Apellis’ 740-person workforce and will maintain the existing partnership with Sobi for international commercialization.