---
title: "Apellis Completes Biogen Merger and Goes Private"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/286424730.md"
description: "Apellis Pharmaceuticals has completed its merger with Biogen, transitioning into a privately held subsidiary. As part of the merger, Apellis issued contingent value rights (CVRs) tied to future sales of its product SYFOVRE, with potential payouts up to $4.00 per CVR. The merger led to significant changes in Apellis's capital structure, including the termination of its stock purchase plan and delisting from Nasdaq. Analysts currently rate APLS stock as a Hold with a price target of $41.00, while Spark's AI Analyst gives it a Neutral rating due to mixed financial signals."
datetime: "2026-05-14T13:22:42.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286424730.md)
  - [en](https://longbridge.com/en/news/286424730.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286424730.md)
---

# Apellis Completes Biogen Merger and Goes Private

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Apellis Pharmaceuticals ( (APLS) ) has issued an update.

Apellis Pharmaceuticals has entered into a contingent value rights agreement with Biogen and Equiniti as part of the May 14, 2026 merger closing, giving former shareholders and certain noteholders non-transferable CVRs tied to future net sales milestones for SYFOVRE between 2027 and 2031, with up to $4.00 per CVR payable if specified revenue thresholds are met. The merger triggered a series of capital structure and governance changes, including new conversion terms for Apellis’s 3.500% convertible notes, termination of its 2017 employee stock purchase plan and 2025 financing agreement, delisting and deregistration of its common stock from Nasdaq and the SEC, mass board resignations in favor of a Biogen-appointed director, amendments to its charter and bylaws, and the unwinding of capped call transactions, effectively completing Apellis’s transition to a privately held Biogen subsidiary.

The most recent analyst rating on (APLS) stock is a Hold with a $41.00 price target. To see the full list of analyst forecasts on Apellis Pharmaceuticals stock, see the APLS Stock Forecast page.

**Spark’s Take on APLS Stock**

According to Spark, TipRanks’ AI Analyst, APLS is a Neutral.

APLS scores highest on improving financial performance (new profitability and better leverage), supported by a constructive earnings-call outlook around product traction and pipeline progress. The score is held back by weak cash-flow conversion signals, stretched technical momentum (very high RSI), and limited usable valuation data (P/E not meaningful; no dividend yield provided).

To see Spark’s full report on APLS stock, click here.

**More about Apellis Pharmaceuticals**

Apellis Pharmaceuticals, Inc. is a Delaware-based biopharmaceutical company whose key product is SYFOVRE, a treatment that generates significant annual net sales and is central to the firm’s value. The company has now become a wholly owned subsidiary of Biogen Inc. following the completion of a cash-and-CVR tender offer and subsequent merger in May 2026, and its shares are being removed from public trading on Nasdaq.

**Average Trading Volume:** 6,415,302

**Technical Sentiment Signal:** Buy

**Current Market Cap:** $5.26B

For an in-depth examination of APLS stock, go to TipRanks’ Overview page.

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