{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-26-222908","form_type":"8-K","ticker":"BIIB","cik":"0000875045","company_name":"BIOGEN INC.","filed_at":"2026-05-14T12:31:16+00:00","discovered_at":"2026-05-14T12:35:00.354772+00:00","generated_at":"2026-05-14T12:36:26.298772+00:00","sec_items":["1.01","2.01","2.03","7.01","9.01"],"event_type":"m_and_a","sentiment":"positive","materiality_score":0.95,"calibrated_materiality_score":0.95,"confidence":"high","headline":"Biogen completes $5.3B Apellis acquisition; adds SYFOVRE/EMPAVELI, $41/share + CVRs","bullets":["Biogen acquired Apellis for $41/share cash plus CVRs worth up to $4/share tied to SYFOVRE net sales milestones.","Approximately 105.7M shares (82.4%) tendered; Merger completed under DGCL Section 251(h) without shareholder vote.","Biogen borrowed $2B under a new credit agreement: $1B 364-day and $1B 2-year tranches to fund the acquisition.","Apellis products EMPAVELI and SYFOVRE generated $689M net product revenue in 2025; deal expected to be accretive to Non-GAAP EPS in 2027.","Biogen will provide updated financial guidance in Q2 2026 earnings report in July."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-222908","json":"https://secwatch.observer/filing/0001193125-26-222908.json","markdown":"https://secwatch.observer/filing/0001193125-26-222908.md","text":"https://secwatch.observer/filing/0001193125-26-222908.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/875045/000119312526222908/0001193125-26-222908-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/875045/000119312526222908/d109852d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-14T12:36:26.298772+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"0c4a4d81a52bdc6755d90b01583b1d93ad88da2a","claim":"BIOGEN INC. incurred term loan of $1 billion with U.S. Bank National Association at Term SOFR plus an applicable margin ranging from 0.750% to 1.000% maturing May 12, 2028.","evidence_excerpt":"The Credit Agreement provides for unsecured term loan facilities in an aggregate principal amount of $2 billion (the “Term Facilities”), comprised of a $1 billion 364-day tranche (“Tranche A”) and a $1 billion two-year tranche (“Tranche B”).","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/875045/000119312526222908/0001193125-26-222908-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"term loan"},{"label":"Principal","value":"$1 billion"},{"label":"Counterparty","value":"U.S. Bank National Association"},{"label":"Rate","value":"Term SOFR plus an applicable margin ranging from 0.750% to 1.000%"},{"label":"Maturity","value":"May 12, 2028"},{"label":"Event","value":"incurrence"}]},{"claim_id":"5a20f7267687e82e1352e1117260725b45c29515","claim":"BIOGEN INC. incurred term loan of $1 billion with U.S. Bank National Association at Term SOFR plus an applicable margin of 0.750% or Base Rate plus an applicable ma maturing May 12, 2027.","evidence_excerpt":"The Credit Agreement provides for unsecured term loan facilities in an aggregate principal amount of $2 billion (the “Term Facilities”), comprised of a $1 billion 364-day tranche (“Tranche A”) and a $1 billion two-year tranche (“Tranche B”).","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/875045/000119312526222908/0001193125-26-222908-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"term loan"},{"label":"Principal","value":"$1 billion"},{"label":"Counterparty","value":"U.S. Bank National Association"},{"label":"Rate","value":"Term SOFR plus an applicable margin of 0.750% or Base Rate plus an applicable ma"},{"label":"Maturity","value":"May 12, 2027"},{"label":"Event","value":"incurrence"}]},{"claim_id":"a26cc7d92fce54e377333361a5c418a7be60e2b7","claim":"BIOGEN INC. completed an acquisition involving Apellis Pharmaceuticals, Inc. for Cash Amount of $41.00 per Share plus one CVR per Share representing contingent cash payments of up to an aggregate of $4.00 per Share (closed 2026-05-14).","evidence_excerpt":"CVR Agreement As previously disclosed, on March 31, 2026, Biogen Inc., a Delaware corporation (“Biogen”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Apellis Pharmaceuticals, Inc., a Delaware corporation (“Apellis”), and Aspen Purchaser Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Biogen (“Purchaser”).","evidence_source":"SEC 8-K Item 2.01/5.01","evidence_url":"https://www.sec.gov/Archives/edgar/data/875045/000119312526222908/0001193125-26-222908-index.htm","confidence":0.9,"family_label":"M&A Transactions","details":[{"label":"Action","value":"acquisition"},{"label":"Counterparty","value":"Apellis Pharmaceuticals, Inc."},{"label":"Consideration","value":"Cash Amount of $41.00 per Share plus one CVR per Share representing contingent cash payments of up to an aggregate of $4.00 per Share"},{"label":"Closing","value":"2026-05-14"}]}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}