REG-The Biotech Growth Trust PLC: Biogen, Inc. to acquire BIOG portfolio company, Apellis Pharmaceuticals, Inc.

Biotech Growth TrustAnnouncement

Yesterday 07:02

1 April 2026

 

THE BIOTECH GROWTH TRUST PLC

("BIOG" or the "Company")

 

Biogen, Inc. to acquire BIOG portfolio company, Apellis Pharmaceuticals, Inc.

 

The Company notes the announcement on Tuesday, 31 March 2026 that Biogen Inc.
("Biogen") has entered into an agreement to acquire BIOG portfolio company,
Apellis Pharmaceuticals, Inc. ("Apellis") for approximately $5.6 billion, or
$41 per share, in cash, representing a 140% premium to Apellis' closing price
on Monday, 30 March 2026.                      The offer also includes an
additional $4 per share of contingent value right payments which are based on
Apellis products achieving certain sales milestones;                      if
met, the aggregate purchase price would represent a 163% premium to Apellis'
closing price on Monday, 30 March 2026.

Apellis is a global biopharmaceutical company focused on drugs targeting the
complement pathway for diseases of the eye, blood and kidney.                
     Apellis launched the first new class of complement medicines in 15 years
and now has two C3-targeted drugs, EMPAVELI and SYFOVRE, approved to treat
four serious diseases.                      The drugs include the first-ever
therapy for geographic atrophy, a leading cause of blindness, and a drug to
treat complement 3 glomerulopathy (C3G), a severe rare kidney disease.        
             Net product revenues for EMPAVELI and SYFOVRE totalled $689
million in 2025 and Apellis expects revenue for these products to grow in the
mid-to-high teens at least through 2028.

The Company's holding in Apellis represented 1.74% of the Company's net asset
value at the time of the announcement.                      The transaction
will be reflected in the Company's NAV as at close of business on 31 March
2026, which will be announced later today.

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Enquiries:

 

SEC Newgate                     (George Esmond)

Public Relations

020 3757 6894

 

Frostrow Capital LLP

Company Secretary

020 3709 8734

 



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