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AI brief of an SEC Form 8-K · Biogen (BIIB)

Biogen agrees to acquire Apellis for $41.00 per share in cash plus CVR

Neutral Impact 5 of 5 m&a Written later

Biogen signed a merger agreement on March 31, 2026 to acquire Apellis Pharmaceuticals through a tender offer. Apellis holders would receive $41.00 per share in cash plus one contingent value right worth up to $4.00 per share in milestone payments, and the deal does not require a financing condition or a stockholder vote. The deal would give Apellis shareholders a cash premium, and a $205 million termination fee applies in certain cases.

Key points

  • Upfront cash of $41.00 per Apellis share, plus one CVR paying up to $4.00 per share on milestones
  • Tender offer to remain open for 20 business days; the Offer must be completed by September 30, 2026 for either party to terminate
  • Apellis would owe Biogen a $205,000,000 termination fee in specified circumstances
  • Support stockholders holding about 14% of Apellis shares agreed to tender their shares

The filing

CompanyBiogen (BIIB)
Form8-K, current report
Filed with the SECMar 31, 2026, 5:03 PM ET
Accession number0001193125-26-134889

Items reported: 1.01 Material Definitive Agreement8.01 Other Events

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 1:30 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on March 31, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.