Biogen to acquire Apellis Pharmaceuticals for $5.6B, adding C3 therapies to portfolio

Biogen Inc (NASDAQ:BIIB, XETRA:IDP) volition get Apellis Pharmaceuticals Inc (NASDAQ:APLS) for $41 per stock successful cash, successful a woody valued astatine astir $5.6 billion, it was announced connected Tuesday.

Apellis shareholders volition besides person a nontransferable contingent worth close (CVR) worthy up to $4 per stock if definite planetary income milestones for SYFOVRE are achieved.

Shares of Apellis surged much than 135% to astir $40 connected the news, portion Biogen banal fell 5% to $178.

The acquisition brings 2 approved complement C3 therapies—EMPAVELI for uncommon kidney diseases and SYFOVRE for geographic atrophy secondary to age-related macular degeneration—into Biogen’s portfolio. In 2025, combined income of the 2 products totaled $689 million, with mid-to-high teen maturation expected astatine slightest done 2028.

Biogen said the woody volition grow its beingness successful immunology and uncommon illness and fortify its nephrology franchise, peculiarly supporting the improvement of felzartamab, presently successful Phase III trials for aggregate kidney diseases.

Jefferies views Biogen’s $5.6 cardinal acquisition of Apellis arsenic a strategical determination that strengthens the company’s portfolio successful immunology, uncommon disease, and nephrology.

The steadfast highlighted that the woody provides contiguous gross from 2 commercialized complement C3 therapies, EMPAVELI and SYFOVRE, portion besides positioning Biogen for semipermanent maturation done pipeline opportunities specified arsenic felzartamab, presently successful Phase III trials for aggregate kidney diseases.

From a fiscal perspective, Jefferies expects the transaction to beryllium non-GAAP EPS accretive starting successful 2027 and notes that Biogen is apt to de-lever by year-end 2027. The acquisition besides diversifies Biogen’s gross base, perchance adding $700 cardinal to $1 cardinal annually done 2028, and improves the company’s commercialized readiness successful nephrology, the analysts wrote.

Jefferies besides noted that portion SYFOVRE’s existent income are beneath CVR milestone targets, the planned prefilled syringe and ongoing marketplace enlargement could enactment aboriginal growth. EMPAVELI is expected to reenforce Biogen’s presumption successful nephrology and hole the marketplace for upcoming launches similar felzartamab.

Overall, Jefferies considers the woody “multimodal,” offering some contiguous gross and strategical positioning for Biogen successful high-value uncommon illness markets.

The transaction is expected to adjacent successful the 2nd 4th of 2026.