Biogen Completes $41-Per-Share Apellis Acquisition While Alzheimer’s Drug Misses Primary Endpoint
Biogen completed its $41 per share acquisition of Apellis, adding two commercial products that generated $689 million in 2025 and projecting EPS accretion starting 2027. Biogen’s mid‐stage Alzheimer’s drug missed its primary endpoint, indicating a significant setback for its neurology pipeline.
1. Acquisition Completion
Biogen acquired Apellis for $41 per share, completing its tender offer with 82.4% shareholder participation, and merged Aspen Purchaser Sub into Apellis, making it a wholly owned Biogen subsidiary.
2. Portfolio and Financial Impact
The deal adds EMPAVELI® and SYFOVRE®, which generated $689 million in net revenue in 2025, is expected to be accretive to non-GAAP EPS in 2027, and boosts Biogen’s nephrology infrastructure ahead of a Phase 3 felzartamab readout in H1 2027.
3. Alzheimer’s Trial Setback
Biogen’s mid-stage Alzheimer’s candidate failed to meet its primary efficacy endpoint, marking a setback for its neurology pipeline and raising questions about the program’s future development strategy.