secwatch.observer — SEC 8-K summary
======================================

Issuer:     Apellis Pharmaceuticals, Inc. (APLS)
CIK:        0001492422
Form:       8-K
Filed at:   2026-05-14T12:45:19+00:00
Accession:  0001193125-26-222923
Event type: m_and_a
Sentiment:  neutral
Materiality: 1.00
Item codes: 1.01, 1.02, 2.01, 5.01, 3.01, 3.03, 5.03, 5.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Biogen completes $5.3B acquisition of Apellis; stockholders get $41 cash + CVR up to $4
--------------------------------------------------------------------------------

- Tender offer accepted 105.7M shares (~82.4%); merger effective May 14, 2026.
- Consideration per share: $41 cash plus CVR worth up to $4 based on SYFOVRE sales milestones.
- CVR milestones: $2 if SYFOVRE net sales ≥$1.5B by 2030; $2 if ≥$2B by 2031 (or $4 if second met first).
- Apellis common stock delisted from Nasdaq; intends to terminate SEC reporting obligations.
- Board resigned; Michael Dambach (Biogen designee) becomes sole director.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1492422/000119312526222923/0001193125-26-222923-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1492422/000119312526222923/d23709d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-222923

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer