Biogen Acquires Apellis for $5.6 Billion
Biogen Acquires Apellis to add SYFOVRE and a CVR, with a $41 per share cash price and mixed financing that will shift credit and de-levering expectations.
KEY TAKEAWAYS
- Deal values Apellis at $41 per share in cash, about $5.6 billion equity value.
- Agreement includes a nontransferable SYFOVRE CVR for two $2-per-share contingent payments.
- Biogen will fund with cash and borrowings and expects to fully de-lever by end-2027.
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Biogen Inc. (Nasdaq: BIIB) agreed on March 31, 2026, to acquire Apellis Pharmaceuticals Inc. (Nasdaq: APLS) in a deal that adds the SYFOVRE franchise and expands Biogen’s immunology and nephrology pipeline. The acquisition will be financed with a combination of cash and borrowings.
Deal Terms and Financing
The companies said in a joint press release at 6:59 a.m. ET that Apellis shareholders will receive $41.00 per share in cash for all outstanding common stock. The agreement includes a nontransferable contingent-value right (CVR) that entitles holders to two $2-per-share payments tied to annual global net sales thresholds for SYFOVRE.
Biogen said in an investor release it expects to fully de-lever by the end of 2027. The acquisition expands Biogen’s growth portfolio in immunology and rare disease and accelerates its entry into nephrology.
Biogen is based in Cambridge, Massachusetts, and Apellis is headquartered in Waltham, Massachusetts.
