secwatch.observer — SEC 8-K summary
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Issuer:     BIOGEN INC. (BIIB)
CIK:        0000875045
Form:       8-K
Filed at:   2026-03-31T23:59:59+00:00
Accession:  0001193125-26-134889
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Biogen to acquire Apellis for $41/share plus up to $4 CVR per share
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- Upfront cash consideration of $41.00 per Apellis share; one CVR per share entitling holders to up to $4.00 additional.
- CVR milestones: $2.00 if SYFOVRE annual net sales reach $1.5B; $2.00 if $2.0B achieved, with potential $4.00 single payment.
- Tender offer condition requires >50% shares tendered; termination fee of $205M payable by Apellis in certain circumstances.
- Stockholders representing ~14% of Apellis shares entered support agreement to tender in favor.
- Transaction expected to close by September 30, 2026, subject to regulatory approvals and other conditions.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/875045/000119312526134889/0001193125-26-134889-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/875045/000119312526134889/d14986d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-134889

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