Biogen announced it will acquire Apellis Pharmaceuticals for an upfront payment of $5.6 billion, with Apellis shareholders eligible to receive up to an additional $4 per share based on Syfovre sales thresholds2
Biogen will acquire two approved commercial assets:
Syfovre for geographic atrophy (generated $587 million in sales in 2025) and Empaveli for three kidney diseases23
The acquisition provides Biogen with a commercial infrastructure and specialized team in nephrology to support the future launch of felzartamab, Biogen's investigational kidney disease drug currently in Phase 3 trials3
Biogen CEO Chris Viehbacher stated the company began evaluating Apellis a year ago and believes Apellis' commercial team of approximately 350 employees will enable faster peak sales achievement for felzartamab than developing the asset independently3
Wall Street consensus projects Apellis revenue will reach $1.5 billion by 2030, supporting the strategic rationale for the $5.6 billion acquisition price5
Sources:
2. https://www.statnews.com/2026/03/31/biogen-acquisition-apellis-immunology/
3. https://www.biospace.com/business/biogen-secures-running-start-in-kidney-disease-with-5-6b-apellis-buy
5. https://www.biopharmadive.com/news/biogen-apellis-acquisition-deal-immune-syfovre-empaveli/816233/