Biogen Inc. has announced its agreement to acquire Apellis Pharmaceuticals, Inc. for $41.00 per share in cash, totaling approximately $5.6 billion. This acquisition is expected to significantly enhance Biogen's growth portfolio in immunology and rare diseases, particularly in nephrology. The deal includes a contingent value right (CVR) that could provide additional payments based on the achievement of specific sales milestones for Apellis' products, SYFOVRE and EMPAVELI. The acquisition is anticipated to bolster Biogen's revenue and earnings per share (EPS) growth potential, with the combined net sales of the two products reaching $689 million in 2025 and projected to grow at a mid-to-high teens rate through 2028. The transaction is subject to customary closing conditions and regulatory approvals, with a completion expected in the second quarter of 2026. Biogen plans to finance the acquisition through a combination of cash and borrowings, aiming to maintain financial flexibility for future investments. The boards of both companies have approved the transaction, which is seen as a strategic move to strengthen Biogen's position in the market and expand its capabilities in treating serious diseases.

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