APLS Apellis Pharmaceuticals, Inc.
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
Actionable Insight
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.
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
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 | ||||
|---|---|---|---|---|---|
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May 26, 2026
17d ago
|
15-12G
| — | awaiting T+1 | — | — |
|
May 14, 2026
29d ago
|
25-NSE
| $41.03 $41.03 | · 0.00% | ▲ +1.23% | — |
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May 14, 2026
29d ago
|
8-K
| $41.03 $41.03 | · 0.00% | ▲ +1.23% | — |
|
May 4, 2026
5w ago
|
8-K
| $40.97 $40.97 | · 0.00% | ▼ −0.80% | — |
|
Mar 27, 2026
11w ago
|
Institutional Cluster
| $16.97 $17.09 | ▲ +0.71% | ▲ +1.06% | — |
US Market Status
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