New York, May 21, 2026, 10:03 EDT
- Apellis shares stopped trading on Nasdaq after Biogen closed its takeover. Nasdaq showed May 13 as the last day the stock traded. Suspension started on May 15.
- Shareholders will get $41 in cash for each share, along with a contingent value right, or CVR. The CVR pays out only if Syfovre meets certain sales goals.
- Biogen traded roughly 0.6% higher early Thursday. The SPDR S&P Biotech ETF was down about 0.5%.
Biogen has finished its acquisition of Apellis Pharmaceuticals, and trading in the APLS ticker has ceased. Apellis is now a wholly owned unit of Biogen after the buyout.
This is in focus now since the cash payout is done, but the remaining value isn’t settled. Former Apellis holders picked up $41 a share plus a CVR. That CVR, or contingent value right, could mean more money if Syfovre—Apellis’ drug for geographic atrophy, a late-stage vision-loss disease—hits certain sales goals.
APLS last traded at $41.03, right by the cash offer level, before quotes dropped from the screen. Nasdaq reported Biogen’s tender offer closed late on May 13, then shares stopped trading after hours and were suspended starting May 15.
Apellis shareholders tendered around 105.7 million shares, or 82.4% of the shares outstanding, according to an SEC filing. The total amount to be paid in the offer and merger comes to about $5.3 billion, not including fees or possible CVR payouts.
Biogen is picking up Empaveli and Syfovre through the deal. The company told investors the two drugs brought in $689 million in net product revenue for 2025. It expects the transaction to boost non-GAAP earnings per share in 2027. Biogen will provide updated financial guidance when it reports second-quarter numbers in July.
Biogen CEO Christopher Viehbacher told Reuters the company had reasons for paying the premium. “We don’t think that just looking at the spot price was really the right reference,” Viehbacher said, pointing to “a lot of value in that kidney franchise in particular.” BMO Capital’s Evan Seigerman told Reuters the acquisition might “meaningfully change” how investors look at Biogen’s near-term revenue growth. Reuters
Biogen faces real competition in the eye market. Astellas’ Izervay has approvals for geographic atrophy in the U.S., Australia and Macau, plus a conditional nod in Japan. That puts a head-to-head rival on the table for Biogen’s Syfovre-linked CVR.
Investors face a clear risk: the extra payout could never materialize. According to the SEC filing, each CVR is tied to Syfovre hitting $1.5 billion in annual net sales in certain years for a $2 payout, plus another $2 if sales hit $2 billion. But the filing also notes there’s no guarantee any target will be met.
Biogen shares were quoted at $189.00 in early Thursday trade, up $1.20. The biotech sector was weaker overall, with the SPDR S&P Biotech ETF off $0.71 to $131.00.
Apellis investors are out of the public market now. Biogen investors still have to see if Syfovre and Empaveli sales hit the mark and support the deal price, and if the CVR turns into a payout instead of just getting ignored.
