• Acquisition will bring two differentiated commercialized immunology medicines to Biogen with EMPAVELI® FDA-approved in three indications, including two rare kidney diseases, and SYFOVRE® FDA-approved in geographic atrophy, an immune-mediated retinal disease
  • Bringing together Biogen and Apellis' commercialization capabilities will maximize the potential of both EMPAVELI® and SYFOVRE®, while Apellis' talent and expertise will accelerate Biogen's entry into nephrology and augment launch readiness for felzartamab, currently in Phase 3
  • Acquisition is expected to bolster Biogen's near-and long-term growth prospects, adding immediate revenue from two products with significant growth potential; 2025 net product revenue for EMPAVELI® and SYFOVRE® together was $689 million, expected to grow at a rate in the mid-to-high teens at least through 2028
  • Biogen to acquire Apellis for a price of $41 per share in cash representing an upfront equity consideration of approximately $5.6 billion and a contingent value right (CVR) per share payable upon achievement of certain thresholds related to global net sales of SYFOVRE®
  • Financially attractive transaction expected to be increasingly accretive to non-GAAP diluted earnings per share (EPS) starting in 2027 and expected to meaningfully increase Biogen's non-GAAP EPS compounded annual growth rate (CAGR) through the end of the decade
  • Biogen to host investor conference call today at 8:30 a.m. ET

CAMBRIDGE, Mass. and WALTHAM, Mass., March 31, 2026 (GLOBE NEWSWIRE) -- Biogen Inc. (NASDAQ:BIIB) and Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) today announced the companies have entered into a definitive agreement under which Biogen has agreed to acquire all outstanding shares of Apellis for $41.00 per share in cash at closing, or approximately $5.6 billion. Apellis stockholders will also receive a nontransferable CVR for each Apellis share held, entitling the holder to receive two payments of $2 per share each, contingent on certain annual global net sales thresholds being met for SYFOVRE®.

The addition of Apellis, a leader in advancing treatments for serious, complement-driven diseases, is expected to enhance Biogen's short- and long-term revenue growth profile by adding two commercialized differentiated immunology and rare disease medicines to its growth portfolio. EMPAVELI® and SYFOVRE® add immediate sales revenue to Biogen, having achieved combined net sales of $689 million in 2025, which is expected to grow at a rate in the mid-to-high teens at least through 2028.

EMPAVELI® is FDA-approved in rare immune-mediated kidney diseases (C3G and primary IC-MPGN) and in PNH and SYFOVRE® is FDA-approved in geographic atrophy secondary to age related macular degeneration, an immune-mediated retinal disease. Apellis brings an established U.S. sales infrastructure and capabilities, including in nephrology, that Biogen believes will accelerate and strengthen Biogen's commercial readiness for felzartamab, which is currently in Phase 3 studies for three kidney diseases with the first trial readout expected in the first half of 2027. Upon closing, Biogen expects a significant proportion of Apellis employees to join the company. Biogen will continue to work with Sobi, which retains commercial rights to EMPAVELI® (Aspaveli® in the EU) outside the U.S.