Biogen to Acquire Apellis for $41 per Share
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 6 hours ago
0mins
Should l Buy BIIB?
Biogen (BIIB) and Apellis Pharmaceuticals (APLS) 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 $5.6B. 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. Upon closing of the transaction, expected in the second quarter of 2026, the addition of Apellis is expected to add commercial products to Biogen that together recorded $689M in revenue in 2025, and which are expected to grow at a rate in the mid-to-high teens at least through 2028. This transaction is expected to strengthen Biogen's revenue and EPS growth potential and is expected to be increasingly accretive to Biogen's Non-GAAP diluted EPS starting in 2027. Importantly, the transaction is expected to meaningfully increase Biogen's non-GAAP EPS compounded annual growth rate through the end of the decade. Biogen expects to finance the acquisition with a combination of cash and borrowings and believes it can fully de-lever by the end of 2027, allowing it to maintain financial flexibility for future investments. The transaction, which was approved by the boards of directors of both companies, is subject to successful completion of the tender offer, customary closing conditions, and the receipt of necessary regulatory approvals.
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Analyst Views on BIIB
Wall Street analysts forecast BIIB stock price to rise
26 Analyst Rating
11 Buy
14 Hold
1 Sell
Moderate Buy
Current: 187.570
Low
143.00
Averages
204.45
High
246.00
Current: 187.570
Low
143.00
Averages
204.45
High
246.00
About BIIB
Biogen Inc. is a global biopharmaceutical company. The Company is focused on discovering, developing, and delivering advanced therapies for people living with serious and complex diseases worldwide. It operates a portfolio of medicines to treat multiple sclerosis (MS), spinal muscular atrophy (SMA), Alzheimer's disease, and amyotrophic lateral sclerosis (ALS). It is focused on advancing its pipeline in neurology, specialized immunology, and rare diseases. Its marketed products include TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for the treatment of MS; SPINRAZA for the treatment of SMA; SKYCLARYS for the treatment of Friedreich's Ataxia; QALSODY for the treatment of ALS, and FUMADERM for the treatment of severe plaque psoriasis. It also collaborations with Eisai on the commercialization of LEQEMBI for the treatment of Alzheimer's disease and Sage on the commercialization of ZURZUVAE for the treatment of Postpartum Depression (PPD).
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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See More
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Treatment Impact: This approval is expected to enhance treatment options for patients suffering from SMA, a genetic disorder affecting muscle strength and movement.
See More
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- Efficacy Assessment: The study revealed rapid and sustained improvements in skin disease activity over 24 weeks, with separation from placebo observed as early as Week 4, and a higher proportion of participants achieving CLASI-50 and CLASI-70 responses, underscoring the drug's effectiveness.
- Safety Profile: Over 24 weeks, adverse events occurred in 74.6% of litifilimab participants compared to 64.7% in the placebo group, with most events being mild to moderate; however, serious adverse events were reported in 6.8% of the litifilimab group, higher than the 2.9% in the placebo group.
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See More
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- Acquisition Deal: Biogen announced on Tuesday its acquisition of Apellis Pharmaceuticals for $5.6 billion, significantly enhancing its drug pipeline by adding two approved drugs, thereby solidifying its market position in the biopharmaceutical sector.
- Pipeline Expansion: This acquisition will introduce two approved drugs into Biogen's product portfolio, which is expected to provide robust support for the company's future revenue growth, particularly in applications within the neuroscience field.
- Strategic Market Shift: By acquiring Apellis, Biogen not only boosts its competitiveness in the biopharmaceutical market but also aims to optimize R&D efficiency through the integration of Apellis's technologies and resources, fostering the development of innovative drugs.
- Financial Impact: The transaction is expected to positively affect Biogen's financial status; although the acquisition cost is substantial at $5.6 billion, the anticipated market sales from the new drugs are expected to yield significant returns on investment.
See More
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- Symbotic Strategic Agreement: Robotics company Symbotic's stock jumped nearly 5% following a strategic agreement to provide warehouse automation capabilities at Associated Wholesale Grocers' Gulf Coast Division Support Center in Louisiana, highlighting its expansion in logistics automation and growing market demand.
- Apellis Pharmaceuticals Stock Doubles: Shares of Apellis Pharmaceuticals soared 135% after Biogen announced it would acquire the company for $5.6 billion in cash, enhancing Biogen's portfolio in immunology and rare diseases, showcasing strong market approval for the deal.
See More
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- Acquisition Details: Apellis Pharmaceuticals has agreed to be acquired by Biogen for $41 per share, totaling $5.6 billion, with the deal expected to close in Q2 2026, reflecting Biogen's strong interest and confidence in the market.
- Shareholder Value Enhancement: The transaction offers Apellis shareholders $41 in cash per share, representing an 86% premium over its 90-day volume-weighted average stock price, while also providing a nontransferable contingent value right worth $2 per share tied to Syfovre's net sales, further enhancing investment appeal.
- Product Portfolio Expansion: The acquisition will add Apellis' Empaveli and Syfovre to Biogen's portfolio, which generated $689 million in revenue last year, expected to strengthen Biogen's competitive position in the ophthalmic drug market.
- Financial Outlook Improvement: Biogen plans to fund the acquisition through a mix of cash and debt, anticipating an increase in its non-GAAP diluted EPS in 2027 and a compounded annual growth rate through 2030, indicating a positive impact on its long-term financial health.
See More
Biogen Acquires Apellis Pharmaceuticals for $5.6 Billion
- Acquisition Announcement: Biogen has agreed to acquire Apellis Pharmaceuticals for $5.6 billion, resulting in a 140% surge in Apellis' shares during Tuesday's pre-market trading, indicating strong market enthusiasm and a significant boost to Biogen's position in the rare disease treatment sector.
- Retail Sentiment: Following the acquisition news, retail sentiment around Apellis on Stocktwits trended bullish with high message volumes, reflecting investor optimism about the company's future prospects, which could further drive up its stock price.
- Business Expansion: This acquisition will enhance Biogen's rare disease treatment portfolio and accelerate its expansion into nephrology, signaling a strategic shift towards high-growth areas to capture increasing market demand.
- Investor Attention: As the acquisition progresses, market focus on Apellis has intensified, with investors likely to closely monitor the integration process and its impact on Biogen's overall performance, suggesting potential future stock price volatility.
See More
