Shots:
- Biogen to acquire Apellis, incl. its assets Empaveli, Syfovre & felzartamab, for $41/share plus a non-transferable CVR, representing an upfront equity consideration of ~$5.6B, with remaining shares acquired later via a second-step merger
- CVR holders will receive $2/CVR if Syfovre achieves $1.5B sales (2027-2030), an additional $2 if it reaches $2B in the same period, or $4 in 2031 if earlier targets are unmet but $2B is achieved; closing expected in Q2’26
- Biogen will continue collaborating with Sobi, which retains ex-US rights to Empaveli (Aspaveli in the EU), while advancing felzartamab in P-III with first readout in H1’27; Apellis is also planning US FDA filing for Syfovre PFS in H1’26
Ref: Biogen | Image: Apellis | Press Release
Related News: Eli Lilly to Acquire Centessa Pharmaceuticals in a Deal Valued at ~$7.8B
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