Flash FinanceUS
Market open S&P 5007,376.86+0.31% Nasdaq24,579.42+1.09% Dow 3051,285.73-0.46% Russell 20002,754.11+0.89% Nasdaq-10026,989.99+1.35% MidCap 4003,602.50+0.56% SmallCap 6001,673.98+0.05% VIX25.64-9.01% 10Y Yield4.86+0.45% Close of Nov 06, 2026
AI brief of an SEC Form 8-K · Biogen (BIIB)

Biogen completes $41-per-share Apellis acquisition, funded by $2 billion term loan

Neutral Impact 5 of 5 m&a Written later

Biogen completed its acquisition of Apellis Pharmaceuticals on May 14, 2026, after about 82.4% of Apellis shares were tendered into its $41.00-per-share cash offer, plus one contingent value right per share worth up to $4.00 tied to SYFOVRE sales milestones. Biogen borrowed the full $2 billion under a new unsecured term loan on May 13, 2026, and used part of it to pay for the deal. Apellis's EMPAVELI and SYFOVRE products recorded $689 million in net product revenue in 2025, but the CVR payments depend on sales thresholds that may never be met.

Key points

  • Offer price: $41.00 per share in cash plus one CVR per share worth up to $4.00 in total
  • 105,687,831 Apellis shares validly tendered, about 82.4% of shares outstanding at expiration
  • $2 billion unsecured term loan: $1 billion due May 12, 2027 (Tranche A) and $1 billion due May 12, 2028 (Tranche B)
  • EMPAVELI and SYFOVRE recorded $689 million in combined net product revenue in 2025

The filing

CompanyBiogen (BIIB)
Form8-K, current report
Filed with the SECMay 14, 2026, 8:31 AM ET
Accession number0001193125-26-222908

Items reported: 1.01 Material Definitive Agreement2.01 Acquisition or Disposition Completed2.03 New Direct Financial Obligation7.01 Regulation FD Disclosure

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 May 14, 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.