Biogen has entered into an agreement with Alloy Therapeutics to accelerate the development of antisense therapies for multiple undisclosed indications. Alloy's AntiClastic ASO platform aims to improve the effectiveness of antisense therapeutics by targeting disease pathways at the RNA level. This partnership follows Alloy's January 2025 collaboration with Sanofi and Biogen's recent acquisition of Apellis Pharmaceuticals for $5.6 billion.

Major M&A activity dominates the market with McCormick merging with Unilever's Foods business in a $29.1 billion deal, Sysco acquiring Jetro Restaurant Depot for $29 billion, and Eli Lilly acquiring Centessa Pharmaceuticals for $7.8 billion. Meanwhile, QVC faces financial distress and is considering Chapter 11 bankruptcy, while several other companies including IO Biotech and Lipella Pharmaceuticals have filed for bankruptcy.

Biogen has agreed to acquire Apellis Pharmaceuticals for $41 per share in cash, valuing the deal at approximately $5.6 billion. The acquisition includes two FDA-approved therapies (Empaveli and Syfovre) with combined 2025 net sales of $689 million and expected mid-to-high teens growth through 2028. Apellis shares surged 136% to $40.36, while Biogen shares declined 4.60% to $178.94.

RTW Investments established a new $193 million position in Apellis Pharmaceuticals by acquiring 7.67 million shares in Q4 2025. Despite a 29% stock decline over the past year, the investment signals confidence in the company's commercial-stage biotech portfolio, which generated $689 million in product revenue driven by its flagship therapy. The position represents a calculated pivot toward more durable revenue streams within a portfolio focused on high-growth biotech names.

Apellis Pharmaceuticals announced its participation in a fireside chat at the TD Cowen 46th Annual Health Care Conference on March 2, 2026. The company, a global biopharmaceutical leader in complement science, has two C3-targeting medicines approved for four serious diseases, including the first therapy for geographic atrophy and treatments for rare kidney diseases.

S&P Dow Jones Indices announced index changes effective January 30 and February 2, 2026. TTM Technologies, Dutch Bros, Advanced Energy Industries, and American Healthcare REIT will be promoted to the S&P MidCap 400, while Amneal Pharmaceuticals, Apellis Pharmaceuticals, and LegalZoom.com will join the S&P SmallCap 600. These changes follow several pending M&A transactions and corporate actions.

Markets traded cautiously on Tuesday despite benign inflation data (CPI at 2.7% YoY, core CPI at 2.6%) that supported Fed rate cut expectations. Silver surged 4.5% to $89/oz amid supply concerns. Major indices remained flat with the S&P 500 near record highs. Earnings results were mixed: JPMorgan fell 3% on weak investment banking fees, Delta slid 4% on soft guidance, while Moderna rallied 14% on bullish forecasts. Intel and AMD gained on analyst upgrades. Energy stocks outperformed as crude rose 2.7% to $61/barrel.

Apellis Pharmaceuticals reported preliminary full-year 2025 U.S. net product revenues of $689 million, driven by strong performance from SYFOVRE (geographic atrophy treatment) at $587 million and EMPAVELI (kidney disease treatment) at $102 million. SYFOVRE achieved 60% market share with 17% year-over-year injection growth, while EMPAVELI reached over 5% market penetration in its target indications within five months of launch. The company maintains approximately $466 million in cash and expects to reach profitability through product revenues.

The geographic atrophy market is expected to grow significantly due to rising global prevalence, aging populations, and emerging therapies targeting this advanced form of age-related macular degeneration.

Apellis Pharmaceuticals reported $459 million in Q3 2025 revenues, with $178 million from U.S. net product sales. The company highlighted new one-year data for EMPAVELI® demonstrating sustained efficacy in treating kidney diseases.

The complement 3 glomerulopathy market is projected to grow at a 37.2% CAGR from 2025-2034, driven by increasing disease awareness, advances in complement pathway research, and emerging targeted therapies targeting novel complement mechanisms.

Apellis Pharmaceuticals presented one-year clinical data for EMPAVELI, demonstrating sustained proteinuria reduction and kidney function stabilization in patients with rare kidney diseases C3G and IC-MPGN, with indirect comparisons suggesting superiority over competitor iptacopan.