Pharmaceutical Stocks Approach $41 Ahead of Acquisition Premium

Apellis Pharmaceuticals, Inc. (Nasdaq: APLS) closed at $40.87 on the Nasdaq on the 16th, up 0.06% from the previous day, bringing its market capitalization to approximately $5.2 billion (about ₩7.3 trillion). Trading volume rose to 4.54 million shares, and the stock has been trading just below the announced tender offer price of $41, reflecting the M&A premium.

Recently, Biogen agreed to acquire Apellis for $41 in cash per share plus up to $4 in contingent value rights (CVRs), valuing the deal at about $5.6 billion (around ₩7.8 trillion). The transaction, which has been approved by the boards of both companies, is targeted to close in the second quarter. By offering more than an 80% premium over the 90-day average trading price, major research firms have set their price targets at $41, effectively capping the stock’s trading range at the deal price.

Apellis is a biotech firm developing and commercializing therapies that target complement protein C3 in the immune system. Its leading pipeline assets include SYFOVRE, a treatment for geographic atrophy secondary to age-related macular degeneration, and EMPAVELI, for rare blood and kidney disorders. SYFOVRE is projected to generate $587 million in revenue in 2025 alone, making it a key driver of the company’s growth and an attractive asset in the acquisition.