In March 2026, Apellis Pharmaceuticals inked a definitive merger agreement with Biogen that includes a $41 per share cash tender offer plus contingent value rights (CVRs) linked to ambitious SYFOVRE net sales targets through 2031. This deal materially recalibrates Apellis’s risk-reward profile by attaching milestone-driven payments to SYFOVRE commercialization success. Apellis’s business model centers on complement-modulating therapies in immunology and rare diseases, anchored by approved products SYFOVRE and EMPAVELI. The company benefits from strategic agreements such as the royalty buy-down pact with Sobi, bolstering gross-to-net economics. Industry competition remains active, yet Apellis’s established presence and pipeline development continue to support growth prospects. Financially, strong liquidity and positive operating income as of year-end 2025 provide runway for integration and ongoing R&D.