Biogen has announced plans to acquire Apellis Pharmaceuticals in a deal valued at $5.6 billion to expand its portfolio in rare diseases and immunology.

Under the agreement, Biogen will pay $41 per share in cash, along with contingent value rights linked to future sales performance.

The acquisition will add Empaveli (pegcetacoplan) and Syfovre (pegcetacoplan injection) to Biogen’s portfolio. Empaveli is indicated for rare kidney diseases, while Syfovre is approved for geographic atrophy.

The two products generated combined sales of $689 million in 2025.

The transaction is expected to strengthen Biogen’s presence in rare disease therapeutics and expand its commercial portfolio.

The deal has been approved by the boards of both companies and is expected to close in Q2 2026, subject to customary conditions.

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