Biogen is set to acquire Apellis Pharmaceuticals, in a deal valued at roughly $5.6 billion, or $41 per share in cash. Apellis shareholders will also receive a contingent value right (CVR) of up to $4 per share tied to global sales of SYFOVRE.

 

The acquisition brings two commercialized, differentiated medicines—EMPAVELI and SYFOVRE —to Biogen’s growth portfolio. Together, the drugs generated $689 million in net sales in 2025, with growth expected in the mid-to-high teens at least through 2028.

 

EMPAVELI treats rare immune-mediated kidney diseases and paroxysmal nocturnal hemoglobinuria (PNH), while SYFOVRE addresses geographic atrophy secondary to age-related macular degeneration, an immune-mediated retinal disorder. Biogen expects the deal to accelerate its nephrology pipeline, including felzartamab, currently in Phase 3 trials with the first readout anticipated in the first half of 2027.

 

“Consistent with our strategy, this acquisition immediately advances Biogen’s ongoing transformation. The addition of Apellis expands our growth portfolio in immunology and rare disease with two approved, best-in-class medicines that complement our existing portfolio and bolsters our near-and long-term growth potential,” said Christopher A Viehbacher, Biogen’s President and Chief Executive Officer. 

 

“We look forward to welcoming Apellis employees to Biogen. We believe our combined capabilities and experience will allow us to maximize the potential of SYFOVRE and EMPAVELI, while Apellis’ talent, expertise and field capabilities will further strengthen Biogen, deepening the foundation for our growing nephrology franchise with felzartamab and serving many more patients with immune-mediated retinal disease."

 

Apellis co-founder and CEO Cedric Francois, added, “I am incredibly proud of the Apellis team and what we have achieved, including bringing two transformational medicines – SYFOVRE and EMPAVELI – to patients and building an innovative pipeline leveraging our deep expertise in complement science. 

 

"With Biogen’s extensive experience with immunology and rare disease, we believe this transaction will accelerate our impact and enable us to reach more patients. This transaction represents a compelling outcome for our shareholders and a strong validation of our strategy, scientific innovation, and execution.”