Apellis to Be Acquired by Biogen for $41 Cash and $4 CVR
Apellis Pharmaceuticals agreed to be acquired by Biogen for $41 per share in cash plus a nontransferable contingent value right entitling shareholders to two $2 payments per share upon achieving specified annual SYFOVRE sales thresholds. The structure offers immediate liquidity with potential upside linked to SYFOVRE’s future global net sales.
1. Deal Terms
Apellis Pharmaceuticals has agreed to sell all outstanding shares to Biogen for $41 in cash per share, to be paid at closing.
2. CVR Structure and Triggers
Each Apellis shareholder will receive a nontransferable contingent value right entitling them to two separate $2 per share payments, contingent upon meeting specified annual global net sales thresholds for SYFOVRE.
3. Shareholder Implications
The deal offers immediate cash liquidity at $41 per share and potential incremental upside of up to $4 per share if SYFOVRE sales targets are achieved, though shareholders bear the risk of not receiving CVR payments.
4. Transaction Conditions
The acquisition is subject to Apellis shareholder approval and customary regulatory clearances, with both companies working toward satisfying closing conditions in the coming months.