Pharma BD Deal Intelligence

Biogen Inc. / Apellis Pharmaceuticals, Inc.

2026 · Acquisition/Merger · $5.6B · Complete

Biogen agreed (Mar 31, 2026) to acquire Apellis for $41/share (~$5.6B equity) plus a CVR of up to $4/share tied to Syfovre global net sales 2027-2031, structured as a tender offer plus back-end merger. The deal CLOSED on May 14, 2026: the tender offer expired May 13 with ~82.4% of shares tendered, the merger completed under Delaware law, and Apellis shares ceased trading on Nasdaq, making Apellis a wholly owned subsidiary of Biogen. The deal adds Empaveli (pegcetacoplan) and Syfovre (pegcetacoplan intravitreal) - $689M combined 2025 net product revenue - to Biogen's portfolio, anchoring an immunology/nephrology growth platform. Financed with cash + debt; Biogen expects accretion to non-GAAP EPS in 2027 and to de-lever by end of 2027.

Key facts

• Announced Mar 31, 2026
• Closed May 14, 2026
• Deal value $5.6B
• Deal type Acquisition/Merger
• Therapeutic area Rare kidney disease (C3 glomerulopathy, PNH) and geographic atrophy
• Indications Rare kidney disease (C3 glomerulopathy, PNH) and geographic atrophy
• Key assets Empaveli (pegcetacoplan) and Syfovre (pegcetacoplan intravitreal) - complement C3 inhibitors
• Mechanism Targeted C3 complement inhibitor (pegcetacoplan) for systemic rare disease and intravitreal ophthalmology uses

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