On May 14, 2026, Biogen Inc. announced the successful completion of its acquisition of Apellis Pharmaceuticals, Inc., which is now operating as a wholly owned subsidiary. The transaction was finalized following a tender offer at $41 per share in cash, plus a non-transferable contingent value right (CVR) of up to $4 based on specific net sales milestones for SYFOVRE®. Approximately 82.4% of Apellis’ outstanding shares were validly tendered by the expiration deadline.
Strategic and Financial Impact
The acquisition significantly enhances Biogen’s long-term growth profile:
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Product Portfolio Expansion: Biogen adds two best-in-class commercialized therapies, EMPAVELI® and SYFOVRE®, which collectively generated $689 million in net product revenue in 2025.
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Advancement in Nephrology: Apellis brings an established commercial and medical infrastructure that will accelerate Biogen’s readiness for the launch of felzartamab, a treatment for antibody-mediated rejection in kidney transplant patients.
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Financial Outlook: The merger is expected to be accretive to Biogen’s Non-GAAP diluted EPS starting in 2027 and is projected to increase the company’s EPS compound annual growth rate through 2030.
Core Therapy Profiles
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SYFOVRE®: The first approved treatment for geographic atrophy (GA) secondary to age-related macular degeneration. GA is a progressive, irreversible disease and a leading cause of blindness worldwide.
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EMPAVELI®: A targeted C3 therapy and the first treatment approved in the U.S. for C3 glomerulopathy (C3G) or primary immune complex membranoproliferative glomerulonephritis (IC-MPGN) to reduce proteinuria. It is also indicated for adults with paroxysmal nocturnal hemoglobinuria (PNH).