Biogen Inc. announced a $5.6 billion cash acquisition of Apellis Pharmaceuticals, offering $41 per share and a contingent value right that could add up to $2 per share if sales thresholds are met. The deal, completed on March 31, 2026, brings Apellis’s two approved complement‑C3 therapies—EMPAVELI for rare kidney diseases and SYFOVRE for geographic atrophy—into Biogen’s portfolio.
The combined 2025 sales of EMPAVELI and SYFOVRE totaled $689 million, and the parties project mid‑to‑high‑teen growth for the products through 2028. The acquisition is expected to generate $689 million in combined sales in 2025 and to provide a steady revenue stream that will support Biogen’s financial targets and EPS accretion beginning in 2027.
Strategically, the deal diversifies Biogen’s revenue base beyond its mature multiple sclerosis franchise, strengthens its nephrology franchise, and adds high‑growth immunology and rare‑disease assets. The acquisition also provides immediate commercial revenue and a platform that will accelerate the development and launch of Biogen’s Phase III felzartamab program for kidney diseases.
Financially, the $5.6 billion transaction is financed with a mix of cash and debt, and the contingent value right is structured to align Apellis’s future sales performance with Biogen’s valuation. The deal is projected to be accretive to Biogen’s non‑GAAP diluted EPS starting in 2027, reflecting the immediate revenue contribution and the expected synergies from integrating Apellis’s commercial and scientific capabilities.
Investors focused on the premium paid and the financial commitment required for the transaction. Analysts noted the strategic fit of the two approved therapies with Biogen’s growth portfolio and the potential for the acquisition to support the felzartamab program, while also weighing the impact of the upfront cash outlay on Biogen’s balance sheet.
"Consistent with our strategy, this acquisition immediately advances Biogen's ongoing transformation," said Biogen CEO Christopher Viehbacher. "It expands our growth portfolio in immunology and rare disease with two approved, best‑in‑class medicines that complement our existing portfolio and bolster our near‑ and long‑term growth potential."
"2025 was a year of disciplined execution and meaningful progress across the business, and we enter 2026 with clear priorities and a strong foundation," said Apellis CEO Cedric Francois. "We are positioning SYFOVRE for its next phase of growth, maximizing EMPAVELI's blockbuster opportunity in rare kidney diseases, and advancing a differentiated, self‑funded pipeline leveraging our deep expertise in C3 biology."
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