Biogen to Acquire Apellis, Enhancing the Company’s Growth Portfolio in Immunology and Rare Disease, Bolstering Growth Outlook and Accelerating Expansion into Nephrology

Key Points:

• Biogen has agreed to acquire Apellis Pharmaceuticals for approximately $5.6 billion in cash at $41 per share, plus contingent value rights tied to SYFOVRE® sales milestones, aiming to enhance its immunology and rare disease portfolio with two FDA-approved medicines, EMPAVELI® and SYFOVRE®.
• EMPAVELI® is approved for rare kidney diseases including C3 glomerulopathy and primary IC-MPGN, as well as paroxysmal nocturnal hemoglobinuria (PNH), while SYFOVRE® is approved for geographic atrophy secondary to age-related macular degeneration, both targeting the complement system.
• The acquisition is expected to add immediate revenue from products that generated $689 million in 2025, with projected growth in the mid-to-high teens through 2028, and is anticipated to be accretive to Biogen’s non-GAAP EPS starting in 2027, boosting long-term growth prospects.
• Apellis’ established U.S. commercial infrastructure, especially in nephrology, will support Biogen’s expansion in this area and accelerate the launch readiness of felzartamab, a Phase 3 kidney disease treatment candidate.
• The transaction, subject to regulatory approval and customary closing conditions, is expected to close in Q2 2026, with Biogen hosting an investor call to discuss the deal details and strategic implications.