Biogen to Acquire Apellis for $41 per Share
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.
