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- Apellis Pharmaceuticals
Apellis Pharmaceuticals Acquisition, Valuation & Financials
Apellis Pharmaceuticals was acquired by Biogen for $5.6B in March 2026, a 8.1x multiple on $689M of revenue.
Apellis Pharmaceuticals revenue at acquisition
$689M
Last twelve months · Mar 2026
Apellis Pharmaceuticals revenue multiple at acquisition
8.1x
EV/Revenue · Mar 2026
Cumulative funding Apellis Pharmaceuticals raised
$164M
across 5 funding rounds
About Apellis Pharmaceuticals
Apellis Pharmaceuticals Inc is a commercial-stage biopharmaceutical company focused on the discovery, development, and commercialization of novel therapeutic compounds to treat diseases with high unmet needs through the inhibition of the complement system, which is an integral component of the immune system, at the level of C3, the central protein in the complement cascade. Currently it has two marketed drugs that target C3, the central protein in the complement cascade: SYFOVRE (pegcetacoplan injection) and EMPAVELI (pegcetacoplan).
Founded
2009
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Revenue
$689M (Mar 2026)
Valuation
$5.6B (acquired Mar 2026)
Sectors
Apellis Pharmaceuticals Acquisition
Apellis Pharmaceuticals was acquired by Biogen for $5.6B on 30 March 2026.
The acquisition price implies a 8.1x revenue multiple on $689M of revenue.
Before the acquisition Apellis Pharmaceuticals had raised $164M across 5 funding rounds.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 30 Mar 2026 | Strategic M&A | $5.6B | 8.1x |
Apellis Pharmaceuticals as a Public Company
Apellis Pharmaceuticals traded as FRA: 1JK before it was taken private. Its acquisition was announced in March 2026. April 2026 is its last month on record as a listed company, with a market cap of $5.2B and an enterprise value of $5.3B.
Last-twelve-month revenue was $969M, with EBITDA of $19M (2% margin), and the shares traded at 5.4x EV/Revenue.
Over the 4 years before that, its market cap grew from $4.6B in April 2022 to $5.2B, while revenue grew from $78M to $969M.
Apellis Pharmaceuticals market cap while listed
Apellis Pharmaceuticals EV/Revenue (LTM) while listed
| As of | Market cap | Revenue (LTM) | EBITDA (LTM) | EBITDA margin | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|---|
| Apr 2026 | $5.2B | $969M | $19M | 2% | 5.4x | 272.8x |
| Apr 2025 | $2.4B | $806M | ($133M) | -17% | 3.1x | (18.6x) |
| Apr 2024 | $5.4B | $529M | ($371M) | -70% | 9.7x | (13.8x) |
| Apr 2023 | $9.7B | $114M | ($603M) | -530% | 81.3x | (15.3x) |
| Apr 2022 | $4.6B | $78M | ($526M) | -671% | 52.9x | (7.9x) |
Market cap, enterprise value and last-twelve-month figures are month-end values, up to the last month Apellis Pharmaceuticals traded.
Apellis Pharmaceuticals Funding History
Apellis Pharmaceuticals has raised a total of $164M across 5 funding rounds.
Apellis Pharmaceuticals' first fundraising round was a $18M undisclosed-stage round in July 2013. The most recent completed round was a $60M Series E in August 2017.
Apellis Pharmaceuticals funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Aug 2017 | Series E | Sectoral Asset Management (lead); F-Prime; Vivo Capital; Epidarex Capital; venBio Partners; Sofinnova Investments; Morningside; Clough Capital Partners; Cormorant Asset Management | $60M | The search results describe a financing arrangement between Apellis Pharmaceuticals (Nasdaq: APLS) and SFJ Pharmaceuticals, a drug development company, rather than a traditional VC funding round. The deal included an initial $60 million upon signing, with up to $60 million more contingent on clinical milestones expected in 2019 and cash adequacy, plus an additional $50 million if PNH trial data proved favorable by March 30, 2020. A separate component involved $30 million after a joint-development agreement and up to $50 million more for milestones in CAD and wAIHA research. The agreement was structured innovatively with Apellis retaining full commercial rights to APL-2 treatments worldwide, and Apellis would not be required to repay SFJ if the PNH treatment failed to receive regulatory approval. The annual payment amount would double to $385 million if Apellis' PNH treatment received approval from regulatory agencies, representing SFJ's confidence in Apellis' commercialization capabilities. |
| Feb 2016 | Series D | Cormorant Asset Management (lead); AJU IB Investment Co; Hillhouse Investment; Epidarex Capital; venBio Partners; Morningside | $47M | Apellis Pharmaceuticals, Inc. completed a $47.1 million Series D financing round on February 12, 2016. The investors included AJU IB Investment Co, Cormorant Asset Management (lead), Epidarex Capital, Hillhouse Investment, Morningside, and venBio Partners. The company, based in Louisville, Kentucky, focuses on developing novel therapies targeting the complement system for treating ophthalmic and inflammatory diseases. |
| Dec 2014 | Series C | AJU IB Investment Co (lead); Morningside (lead); Epidarex Capital | $33M | Apellis Pharmaceuticals, a biotechnology company based in Louisville, KY, focuses on applying complement immunotherapy to treat autoimmune diseases by inhibiting the C3 complement factor to address inflammation and disease mechanisms. In December 2014, the company completed a $33 million private placement of its Series C Preferred Stock, led by Morningside Ventures and AJU IB Investment Co., Ltd., with participation from Epidarex Ventures as follow-on funding. The proceeds were designated to fund three new complement immunotherapy programs advancing to clinical proof-of-concept stages. The primary program targets paroxysmal nocturnal hemoglobinuria (PNH), a rare bone marrow disease where the immune system attacks red blood cells, with drug candidate APL-2 designed as an alternative to the existing standard of care. A second program evaluates APL-1 for chronic obstructive pulmonary disease (COPD) to potentially slow disease progression. The third involves APL-2 for retinal lesions associated with dry age-related macular degeneration, a condition lacking approved therapies at the time. CEO Cedric Francois emphasized the potential of complement immunotherapy, highlighting short development timelines, robust regulatory strategies, innovative clinical designs, and product profiles aimed at impacting millions with autoimmunity. Apellis Chairman Gerald Chan of Morningside noted the shift from cancer to autoimmune immunotherapy, advocating for correcting immune behavior rather than broad suppression. |
| Aug 2013 | Series A | Keyhorse Capital | $6M | - |
| Jul 2013 | Undisclosed stage | - | $18M | Apellis Pharmaceuticals is a clinical-stage biopharmaceutical company focused on complement-mediated diseases. The company was developing APL-2 for paroxysmal nocturnal hemoglobinuria (PNH), geographic atrophy (GA), and intermediate age-related macular degeneration (AMD), as well as APL-1 for chronic obstructive pulmonary disease (COPD) and other complement pathway indications. As of July 2013, Apellis was a pre-revenue private company conducting early-stage clinical development. The company later completed an initial public offering at $14.00 per share in June 2017, raising approximately $150 million, and subsequently received Series E financing of $60 million in August 2017. |
Who has invested in Apellis Pharmaceuticals?
12 investors have backed Apellis Pharmaceuticals across its funding rounds, including Morningside, Epidarex Capital, Cormorant Asset Management, AJU IB Investment Co, venBio Partners and F-Prime.
Lead investors include Sectoral Asset Management, Cormorant Asset Management, AJU IB Investment Co and Morningside.
Apellis Pharmaceuticals Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Dec 2014 | ||
| 3 | Lead | Dec 2014 | ||
| 2 | Lead | Dec 2014 | ||
| 2 | Participant | Feb 2016 | ||
| 2 | Lead | Feb 2016 | ||
| 1 | Participant | Feb 2016 | ||
| 1 | Participant | Aug 2017 | ||
| 1 | Participant | Aug 2017 | ||
| 1 | Lead | Aug 2017 | ||
| 1 | Participant | Aug 2017 | ||
This data is available for Pro users. Sign up to see all 12 Apellis Pharmaceuticals investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Apellis Pharmaceuticals
Apellis Pharmaceuticals has acquired 1 company to date.
Last acquisition by Apellis Pharmaceuticals was on November 20th 2014. Apellis Pharmaceuticals acquired Potentia Pharmaceuticals for undisclosed valuation.
Latest Acquisitions by Apellis Pharmaceuticals
| Description | Potentia Pharmaceuticals is a United States biotechnology firm developing anti-inflammatory therapeutics targeting immune-mediated diseases. The company's pipeline includes small molecule inhibitors for rheumatoid arthritis and inflammatory bowel disease, advancing candidates from preclinical stages through Phase I trials. Headquartered in the Boston area, Potentia collaborates with academic institutions on drug discovery platforms emphasizing cytokine modulation. |
| HQ Country | |
| HQ City | Louisville, KY |
| Deal Date | 20 Nov 2014 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Apellis Pharmaceuticals acquisitions and their M&A valuation multiples. Start Free Trial | |
Apellis Pharmaceuticals Competitors
Apellis Pharmaceuticals competitors include listed companies like Apotex Health, Xenon Pharmaceuticals, CRISPR Therapeutics and Dianthus Therapeutics, and private ones like Biocon Biologics and Intas Pharmaceuticals.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $2.5B | $649M | $5.6B | 3.0x | ||
| Publicly listed | $8M | ($369M) | $5.6B | 1495.4x | ||
| Publicly listed | - | ($558M) | $5.5B | 141.5x | ||
| Publicly listed | $2M | ($178M) | $5.7B | 2479.7x | ||
| Private | $1.1B | - | $4.5B | 4.2x | ||
| Private | $2B | - | $4.3B | 2.1x |
Apellis Pharmaceuticals Public Comps
Apellis Pharmaceuticals is no longer listed, but its public comps include Apotex Health, Xenon Pharmaceuticals, CRISPR Therapeutics, Dianthus Therapeutics, PTC Therapeutics, Ligand Pharmaceuticals, Abbott India, Cogent Biosciences, Anthem Biosciences and Erasca.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.5B | $649M | 3.0x | 3.0x | 11.6x | 9.1x | |||
| $8M | ($369M) | 617.3x | 1495.4x | (12.5x) | (10.1x) | |||
| - | ($558M) | - | 141.5x | (7.1x) | (7.7x) | |||
| $2M | ($178M) | 2346.4x | 2479.7x | (26.8x) | - | |||
| $1.7B | $888M | 2.4x | 3.0x | 4.7x | 7.8x | |||
| $268M | $184M | 20.3x | 19.1x | 29.6x | 29.7x | |||
| $722M | $199M | 7.7x | 7.4x | 27.7x | 26.5x | |||
| - | ($336M) | - | 1234.0x | (15.7x) | (14.1x) | |||
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Common questions about Apellis Pharmaceuticals
| When was Apellis Pharmaceuticals founded? | Apellis Pharmaceuticals was founded in 2009. |
| Where is Apellis Pharmaceuticals headquartered? | Apellis Pharmaceuticals is headquartered in Boston, MA, United States. |
| Is Apellis Pharmaceuticals publicly listed? | No, Apellis Pharmaceuticals was acquired by Biogen in March 2026. |
| Who acquired Apellis Pharmaceuticals? | Apellis Pharmaceuticals was acquired by Biogen in March 2026. |
| How much was Apellis Pharmaceuticals acquired for? | Apellis Pharmaceuticals was acquired for $5.6B in March 2026, a 8.1x revenue multiple. |
| How much funding has Apellis Pharmaceuticals raised? | Apellis Pharmaceuticals has raised $164M across 5 funding rounds. |
| What was Apellis Pharmaceuticals' last funding round? | Apellis Pharmaceuticals' last funding round was a $60M Series E in August 2017, led by Sectoral Asset Management. |
| Who are Apellis Pharmaceuticals' investors? | Apellis Pharmaceuticals' investors include Epidarex Capital, Morningside, AJU IB Investment Co, venBio Partners, Cormorant Asset Management, Hillhouse Investment, F-Prime, Vivo Capital, Sectoral Asset Management, Sofinnova Investments and 2 others. |
| Which companies are comparable to Apellis Pharmaceuticals? | Companies comparable to Apellis Pharmaceuticals include Apotex Health, Xenon Pharmaceuticals, CRISPR Therapeutics, Dianthus Therapeutics, Biocon Biologics and Intas Pharmaceuticals. |
| What was Apellis Pharmaceuticals' market cap before the acquisition? | Apellis Pharmaceuticals had a market cap of $5.2B in April 2026, its last month on record as a listed company, trading at 5.4x EV/Revenue. |
| What was Apellis Pharmaceuticals' revenue as a public company? | Apellis Pharmaceuticals' last reported twelve-month revenue was $969M (April 2026), with EBITDA of $19M. |
| How many companies has Apellis Pharmaceuticals acquired? | Apellis Pharmaceuticals has acquired 1 company, including Potentia Pharmaceuticals. |
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