Biogen said Tuesday that it would buy Apellis Pharmaceuticals for an upfront payment of around $5.6 billion, expanding its portfolio with a set of approved immunology drugs.
Biogen will acquire Apellis for $41 per share, more than double the biotech’s closing price on Monday. Apellis shareholders are also eligible to receive up to an additional $4 per share if certain sale thresholds are met for Syfovre, Apellis’ drug for an advanced form of macular degeneration.
With the acquisition, Biogen will get two commercial assets. Syfovre, approved in 2023, specifically treats geographic atrophy secondary to age-related macular degeneration, in which immune system dysfunction leads to the destruction of retinal cells and causes vision loss. The drug brought in $587 million in sales last year.
