M&A · Healthcare · Pharmaceutical Preparations
Biogen Inc. to acquire Apellis Pharmaceuticals, Inc.
Announced Mar 31, 2026 · Closed May 14, 2026
Deal value$5.60BEV $5.23B
Premium140.0%To unaffected price
EV / Adj. EBITDA—5.2x EV / Revenue
ConsiderationAll cash$41.00 per share
Transaction
- Acquirer
- Biogen Inc. (BIIB)
- Target
- Apellis Pharmaceuticals, Inc.
- Buyer type
- Strategic
- Offer price per share
- $41.00
- Enterprise value
- $5.23B
- Status
- Closed May 14, 2026
Deal protections
- Break fee (target pays)
- $205M · 3.7%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Lazard
- To the target
- Evercore
Sector context · Healthcare
- Comparable deals
- 98 in the prior 24 months
- Premium
- 140.0% vs. 50.5% sector median
- EV / Adj. EBITDA
- Sector median 13.4x
- Break fee
- 3.7% vs. 3.3% sector median
Timeline
- AnnouncedMar 31, 2026
- Tender offerApr 14, 2026
- ClosedMay 14, 2026