Biogen Ends Two Empaveli Phase II Trials, Cuts R&D After $5.6bn Apellis Buyout
BIIB•Biogen has halted Phase II trials for Apellis’ Empaveli in delayed graft function and FSGS and cut research staff after its $5.6bn acquisition, signaling a strategic review of Apellis’ legacy pipeline. The move concentrates resources on the pegcetacoplan franchise marketed as Empaveli and Syfovre, forecast to generate $785m by 2032.
1. Pipeline Trimming Post-Apellis Acquisition
Biogen acquired Apellis for $5.6bn in March and has now suspended Phase II trials of Empaveli in delayed graft function and FSGS, citing recruitment challenges and strategic reprioritization, while reducing headcount within the acquired research team. Uncertainty remains over the fate of Apellis’ preclinical RNA, complement inhibitor and gene-editing candidates.
2. Strategic Focus on Pegcetacoplan Franchise
The company is reallocating resources toward its approved pegcetacoplan assets marketed as Empaveli for rare diseases and Syfovre for geographic atrophy, which industry analytics project will deliver $785m in annual sales by 2032, underscoring its commercial potential as the core driver of the acquisition.
3. Stock Reaction and Outlook
Following the pipeline review announcement, Biogen shares jumped 7.0% on heavy trading volume, though recent downward revisions to earnings estimates could temper further gains, suggesting investors remain cautious about near-term profit trends.
