Biogen to buy Apellis for $5.6bn, $41 per share
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- Biogen announced an upfront payment of roughly $5.6 billion to acquire Apellis Pharmaceuticals.
- Biogen will pay $41 per share, more than double Apellis’s closing price on Monday.
- Apellis shareholders could receive up to an additional $4 per share if Syfovre meets specified sales thresholds.
- Biogen will gain two commercial assets, including Syfovre, approved in 2023 for geographic atrophy secondary to age‑related macular degeneration.
- Syfovre generated $587 million in sales in the prior year.
Why it matters: Biogen adds a proven, $587 million‑selling eye‑disease drug to its pipeline, boosting its immunology portfolio and revenue base, while Apellis shareholders receive a premium price and possible extra payout tied to Syfovre’s sales performance. The acquisition also positions Biogen to compete more aggressively in the ophthalmology market, while the contingent $4‑per‑share earn‑out reflects confidence in Syfovre’s future growth.
