Overview
- Biogen announced Tuesday it will acquire Apellis for $41 per share in cash with up to $4 per share in CVRs tied to Syfovre sales milestones set for 2027 to 2031, with closing expected in the second quarter of 2026.
- The deal adds two FDA‑approved medicines—Syfovre for geographic atrophy and Empaveli for rare blood and kidney diseases—that produced $689 million in 2025 as Apellis turned a $22 million profit.
- Biogen plans to finance the purchase with cash, a revolving credit facility and a bank term loan, and it targets paying down the deal borrowings by the end of 2027 with earnings accretion starting in 2027.
- Company leaders say Apellis’ commercial team and nephrology know‑how will help Biogen get ready to market felzartamab, its late‑stage kidney disease program.
- Investors reacted in opposite directions, with Apellis shares jumping about 135% to around $40 as Biogen fell several percent after the announcement.