AcquisitionsMay 14, 2026, 08:35 AM
Biogen Completes Apellis Acquisition; Adds $689M Revenue Products
AI Summary
Biogen Inc. announced the successful completion of its acquisition of Apellis Pharmaceuticals, Inc., making Apellis a wholly owned subsidiary. This strategic move adds two commercialized products, EMPAVELI® and SYFOVRE®, which generated $689 million in net product revenue in 2025. The acquisition is expected to bolster Biogen's near-term growth, accelerate its expansion into nephrology, and be accretive to its Non-GAAP diluted EPS in 2027, materially increasing EPS CAGR through the decade. The tender offer for Apellis shares, priced at $41 per share plus a contingent value right, saw approximately 82.4% of shares tendered.
Key Highlights
- Biogen completed the acquisition of Apellis Pharmaceuticals, Inc.
- The acquired products, EMPAVELI® and SYFOVRE®, recorded $689 million in net product revenue in 2025.
- The acquisition is expected to be accretive to Biogen’s Non-GAAP diluted EPS in 2027.
- The tender offer was for $41 per share in cash plus a contingent value right up to $4.
- Approximately 105,687,831 shares, representing 82.4% of outstanding shares, were tendered.
- Updated financial guidance will be provided with Biogen's Q2 earnings report in July.
- A first Phase 3 readout for felzartamab is anticipated in the first half of 2027.