Biogen Inc. · NASDAQ:BIIB
Biogen — Merger or Acquisition (March 2026)
12 slides from Biogen's merger presentation, Mar 31, 2026
Slide 1: Biogen Proposed Acquisition of Apellis Investor Webcast
March 31, 2026 BIOGEN PROPOSED ACQUISITION OF APELLIS INVESTOR WEBCAST
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation and discussions during this conference call contain forward-looking statements that are being made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995 (the PSLRA) with the intention of obtaining the benefits of the “Safe Har
Slide 3: Important Information
IMPORTANT INFORMATION The tender offer referenced herein has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any common shares of Apellis or any other securities, nor is it a substitute for the tender
Slide 4: Call Participants
CALL PARTICIPANTS Christopher A. Viehbacher President and Chief Executive Officer Adam Keeney, Ph.D. Head of Corporate Development Robin Kramer Chief Financial Officer Alisha A. Alaimo President and Head of North America Priya Singhal, M.D., M.P.H. Head of Development
Slide 5: An Opportunity to Enhance Biogen's Growth Portfolio and Accelerate Our Expansion into Nephrology
AN OPPORTUNITY TO ENHANCE BIOGEN’S GROWTH PORTFOLIO AND ACCELERATE OUR EXPANSION INTO NEPHROLOGY Two marketed products approved in multiple immunology and rare indications (Commercialized by Sobi Ex-U.S.) xpands our commercial growth portfolio Addition of SYFOVRE and EMPAVELI expands Biogen’s commer
Slide 6: Acquiring Apellis Provides Additional Growth Products
ACQUIRING APELLIS PROVIDES ADDITIONAL GROWTH PRODUCTS Broadens, diversifies, and strengthens our current revenue growth drivers Best-in-class medicine approved in Geographic Atrophy Generated $587M of revenue in 2025 Regulatory filing for prefilled syringe planned for 1H 2026 Best-in-class medicine
Slide 7: SYFOVRE: An Important Opportunity in Geographic Atrophy
SYFOVRE: AN IMPORTANT OPPORTUNITY IN GEOGRAPHIC ATROPHY High unmet need in GA Immune-mediated retinal disease with potential for permanent loss of vision if untreated Large market with an estimated ~1.5M individuals in the U.S.* GA market has the potential to grow, with a small percentage of patient
Slide 8: EMPAVELI: A Differentiated Medicine in Rare Kidney Disease with Significant Revenue Potential
EMPAVELI: A DIFFERENTIATED MEDICINE IN RARE KIDNEY DISEASE WITH SIGNIFICANT REVENUE POTENTIAL Approved in PNH# and C3G/IC-MPGN C3G/IC-MPGN are rare immune-mediated kidney diseases 50% of patients reach end-stage kidney disease within 10 years* EMPAVELI demonstrated clinically meaningful benefits acr
Slide 9: Accelerating Our Expansion into Nephrology
ACCELERATING OUR EXPANSION INTO NEPHROLOGY 9 AMR IgAN MVI PMN Felzartamab 2027 20292028 2029 EMPAVELI - establishes the foundation for our growing nephrology franchise Data expected* Approved in: C3G/IC-MPGN Apellis provides a US field infrastructure and established capabilities in nephrology *Repre
Slide 10: Clear Opportunity for Immediate Value Creation
CLEAR OPPORTUNITY FOR IMMEDIATE VALUE CREATION Transaction Details Significant opportunity for value creation Financial Impact $41/share in cash, representing equity value of ~$5.6B CVRs on SYFOVRE net sales Acquisition financed with: ~$3.6B cash on hand ~$2B revolving credit & bank loan Q2 26 antic
Slide 11: Apellis: A Strong Strategic Fit with Significant Opportunity for Value Creation
APELLIS: A STRONG STRATEGIC FIT WITH SIGNIFICANT OPPORTUNITY FOR VALUE CREATION Expands our commercial growth portfolio Addition of SYFOVRE and EMPAVELI expands Biogen’s commercialized portfolio of growth products, while complementing the potential of our pipeline Clear strategic fit that accelerate
Slide 12: Questions & Answers
QUESTIONS & ANSWERS