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DewDiligence

03/31/26 9:54 AM

#257317 RE: DewDiligence #253166

BGEN acquires APLS for $41.00/sh cash +CVR—a 140% premium to yesterday’s close (excluding the CVR):

https://www.globenewswire.com/news-release/2026/03/31/3265287/0/en/Biogen-to-Acquire-Apellis-Enhancing-the-Company-s-Growth-Portfolio-in-Immunology-and-Rare-Disease-Bolstering-Growth-Outlook-and-Accelerating-Expansion-into-Nephrology.html

The nominal deal value (excluding the CVR) is $5.6B.