Biogen Acquires Apellis for $689M in Revenue, Bolsters Nephrology Push
Event summary
- Biogen completed the acquisition of Apellis Pharmaceuticals on May 14, 2026, for $41 per share in cash plus contingent value rights.
- The deal adds two commercialized products, EMPAVELI® and SYFOVRE®, which generated $689M in net product revenue in 2025.
- Apellis brings nephrology commercial infrastructure to support Biogen’s felzartamab launch, with a Phase 3 readout expected in H1 2027.
- The acquisition is expected to be accretive to Biogen’s non-GAAP diluted EPS in 2027 and boost its non-GAAP EPS CAGR through the decade.
The big picture
Biogen’s acquisition of Apellis marks a strategic pivot into nephrology, a high-growth area in rare diseases. The deal follows a broader industry trend of biotech consolidation, as companies seek to bolster pipelines and commercial capabilities. With $689M in revenue from Apellis’ products, Biogen aims to offset declining sales from its legacy multiple sclerosis portfolio and drive long-term EPS growth.
What we're watching
- Integration Risk
- How Biogen will integrate Apellis’ nephrology commercial infrastructure and whether it can accelerate felzartamab’s launch readiness.
- Revenue Growth
- The pace at which Biogen can grow revenue from EMPAVELI® and SYFOVRE®, and whether the acquisition meets the net sales thresholds for CVR payments.
- Regulatory Headwinds
- The potential impact of safety warnings and adverse reactions associated with SYFOVRE® and EMPAVELI® on their commercial success.
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