Apellis in its $5.6 billion acquisition by Biogen

On March 31, 2026, Biogen Inc. (Nasdaq: BIIB) and Apellis Pharmaceuticals, Inc. (Nasdaq: APLS) announced that they have entered into a definitive agreement under which Apellis will be acquired by Biogen for a price of $41 per share in cash, representing an upfront equity consideration of approximately $5.6 billion, and a contingent value right (CVR) per share payable upon achievement of certain thresholds related to global net sales of SYFOVRE®.  The per share cash consideration represents an 86% premium to the 90-day volume-weighted average stock price and a 35% premium to the 52-week high stock price.  The deal will also add EMPAVELI® to Biogen’s portfolio.

Apellis is a global biopharmaceutical company leading the way in complement science to develop life-changing therapies for some of the most challenging diseases patients face.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Apellis.