The acquisition is complete — APLS shares are delisted and no longer trade. Holders who tendered will receive $41.00 cash plus CVRs. The CVRs are non-transferable and trade only via limited permitted transfers; monitor SYFOVRE sales trajectories for potential milestone triggers. Note holders should evaluate conversion vs. repurchase options by June 29, 2026.
Price Chart
Executive Summary
Biogen completed its acquisition of Apellis Pharmaceuticals on May 14, 2026, through a tender offer and subsequent merger. Apellis stockholders received $41.00 per share in cash plus one contingent value right (CVR) per share, with potential milestone payments of up to $4.00 per CVR tied to SYFOVRE sales targets. The deal valued at approximately $5.3 billion, and APLS common stock has been delisted from Nasdaq, with the company now a wholly owned subsidiary of Biogen.
Key Financial Metrics
Key Facts
- Biogen completed acquisition of Apellis for $41.00 per share in cash plus one CVR per share (up to $4.00 additional per CVR tied to SYFOVRE sales milestones).
- Total deal value approximately $5.3 billion, excluding potential CVR payments.
- 105,687,831 shares (82.4% of outstanding) were validly tendered in the offer.
- CVR milestones: $2.00 per CVR if SYFOVRE annual net sales reach $1.5B in 2027-2030; $2.00 per CVR if sales reach $2.0B in 2027-2031 (or $4.00 if first milestone missed but second achieved in 2031).
- Biogen estimates maximum CVR payout of approximately $582 million if all milestones achieved.
- APLS common stock delisted from Nasdaq; company now a wholly owned subsidiary of Biogen.
- All directors resigned; Michael Dambach appointed as sole director.
- Convertible notes (3.500% due 2026) converted to cash and CVRs; holders have repurchase right at ~$1,008.46 per $1,000 principal.
Financial Impact
Total deal value ~$5.3B cash plus up to ~$582M in potential CVR payments (max ~$4.00/share).
Risk Factors
- CVR milestones may not be achieved; maximum payout requires SYFOVRE annual sales of $1.5B-$2.0B by 2030-2031.
- CVRs are non-transferable and illiquid — no secondary market.
- Convertible note holders face complex election between conversion (cash + CVRs) and repurchase at ~$1,008.46/principal.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-222923 |
| Document: d23709d8k.htm | 0001193125-26-222923 |
| Document: d23709dex32.htm | 0001193125-26-222923 |
| Document: d23709dex31.htm | 0001193125-26-222923 |
| Document: d23709dex991.htm | 0001193125-26-222923 |
| Document: d23709dex41.htm | 0001193125-26-222923 |
| Document: 0001193125-26-222923-index-headers.html | 0001193125-26-222923 |
| Document: 0001193125-26-222923-index.html | 0001193125-26-222923 |
| Document: 0001193125-26-222923.txt | 0001193125-26-222923 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 26, 2026 18w ago | 15-12G | — | awaiting T+1 | — | — |
May 14, 2026 20w ago | 25-NSE | $41.03 $41.03 | · 0.00% | ▲ +1.23% | — |
May 14, 2026 20w ago | 8-K | $41.03 $41.03 | · 0.00% | ▲ +1.23% | — |
May 4, 2026 21w ago | 8-K | $40.97 $40.97 | · 0.00% | ▼ −0.80% | — |
Mar 27, 2026 27w ago | Institutional Cluster | $16.97 $17.09 | ▲ +0.71% | ▲ +1.06% | — |
US Market Status
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