Biogen to Buy Apellis for $5.6B at 140% Premium, Adding $689M Revenue
Biogen will acquire Apellis for $5.6 billion, paying $41 per share in cash—a 140% premium—to secure GA therapy Syfovre and kidney disease treatment Empaveli, which together generated $689 million in 2025 revenue. Biogen expects to close in Q2 2026 and projects adding $1.54 billion in sales by 2030.
1. Acquisition Details
Biogen has agreed to acquire Apellis Pharmaceuticals for $5.6 billion in cash, paying $41 per share—a 140% premium over the March 30 closing price. The transaction is expected to close in Q2 2026, subject to customary closing conditions.
2. Portfolio and Financial Impact
Syfovre (pegcetacoplan) and Empaveli (pegcetacoplan) generated $689 million in combined revenue in 2025. Analysts forecast these products will reach $1 billion and $747 million in sales by 2031, and the acquisition could contribute $1.54 billion in additional Biogen sales by 2030.
3. Strategic Rationale
The deal brings Apellis’ commercial and field expertise to support Biogen’s late-stage anti-CD38 candidate felzartamab in primary membranous nephropathy, antibody-mediated rejection and IgA nephropathy. It also aims to offset near-term declines in Biogen’s multiple sclerosis franchise.