---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-134916"
form_type: "8-K"
ticker: "APLS"
cik: "0001492422"
company_name: "Apellis Pharmaceuticals, Inc."
filed_at: "2026-03-31T23:59:59+00:00"
generated_at: "2026-05-15T08:09:01.101931+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Biogen to acquire Apellis for $41/share plus CVRs up to $4, total up to $45/share

## Summary
- Biogen to pay $41.00 per share cash upfront plus one CVR per share for Apellis (APLS).
- CVRs entitle holders to up to $4.00/share based on SYFOVRE net sales milestones ($1.5B or $2B).
- Tender offer to commence for all shares; no stockholder vote required; minimum condition >50% tendered.
- Support stockholders owning ~14% of shares agree to tender; termination fee $205M under certain conditions.
- Apellis board unanimously recommends; deal expected to close by Sept 30, 2026.

## SEC filing metadata
- accession: 0001193125-26-134916
- form_type: 8-K
- ticker: APLS
- cik: 0001492422
- company_name: Apellis Pharmaceuticals, Inc.
- filed_at: 2026-03-31T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1492422/000119312526134916/0001193125-26-134916-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1492422/000119312526134916/d132653d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-134916
- JSON: https://secwatch.observer/filing/0001193125-26-134916.json
- Plain text: https://secwatch.observer/filing/0001193125-26-134916.txt

## Key facts
- Material Agreements
  Apellis Pharmaceuticals, Inc. entered into Agreement and Plan of Merger with Biogen Inc. (effective 2026-03-31).
  - Action: entry
  - Agreement: merger
  - Counterparty: Biogen Inc.
  - Effective: 2026-03-31
  source text: On March 31, 2026, Apellis Pharmaceuticals, Inc., a Delaware corporation (the “Company”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Biogen Inc., a Delaware corporation (“Parent”), and Aspen Purchaser Sub, Inc., a Delaware corporation and a direct wholly owned subsidiary of Parent (“Purchaser”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1492422/000119312526134916/0001193125-26-134916-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.