Apellis Pharmaceuticals

What Apellis Pharmaceuticals does

Apellis Pharmaceuticals is a biopharmaceutical company that developed and commercialized pegcetacoplan, the first and only approved C3 inhibitor and the first new class of complement medicine in approximately 15 years. The company's core technology targets C3, the central protein of the complement cascade and the only target that addresses all three activation pathways (classical, lectin, and alternative), enabling comprehensive control of complement-driven diseases. Apellis translates this single molecule into two FDA-approved products administered by different routes — EMPAVELI (subcutaneous) for paroxysmal nocturnal hemoglobinuria, C3 glomerulopathy, and primary immune-complex membranoproliferative glomerulonephritis, and SYFOVRE (intravitreal) for geographic atrophy secondary to age-related macular degeneration.

The company generates revenue primarily through U.S. specialty-pharmacy distribution of EMPAVELI and SYFOVRE to three prescriber segments: retina specialists and ophthalmologists (for SYFOVRE), and hematologists and nephrologists (for EMPAVELI). SYFOVRE generated $587M in FY2025 product revenue with ~102,000 doses delivered and 60% market share in geographic atrophy, while EMPAVELI generated $102M with over 5% penetration of the U.S. C3G/IC-MPGN patient population in its first full quarter post-launch. Ex-U.S. rights for systemic pegcetacoplan are held by Sobi under a co-development and commercialization agreement, which generated a $275M royalty repurchase payment to Apellis in 2025. The company was acquired by Biogen Inc. on May 14, 2026 for approximately $5.6 billion ($41 per share plus contingent value rights), at which point Apellis became a wholly owned subsidiary integrated into Biogen's commercial infrastructure.

Name

Apellis Pharmaceuticals

Legal name

Apellis Pharmaceuticals, Inc.

Website

https://apellis.com

Company type

Private

Founded year

2009

Operating status

Acquired

Headcount range

501–1,000 employees

Short description

Apellis Pharmaceuticals develops and commercializes pegcetacoplan, the first approved C3 inhibitor, delivered as EMPAVELI (subcutaneous) for PNH and rare kidney diseases and SYFOVRE (intravitreal) for geographic atrophy. The company was acquired by Biogen in May 2026 for approximately $5.6 billion.

Ownership category

akta.pro rank

Product category

Complement Therapeutics

NAICS

Medical and Diagnostic Laboratories (62151)

SIC

Wholesale-Drugs, Proprietaries & Druggists' Sundries (5122)

akta.pro primary industry

Plasma-Derived Protease Inhibitors & Complement Modulators (e.g., C1 Esterase Inhibitor) (HLAIAHAF)

Keywords

• Complement therapeutics
• Rare disease drugs
• C3 inhibitors
• Biopharmaceutical products
• Ophthalmic therapeutics

Headquarters

HQ city

Waltham

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Marketing or Sales, Operations, Personnel

Revenue model

1. EMPAVELI (pegcetacoplan) - U.S. Product Sales: EMPAVELI generated $35.1 million in Q4 2025 net product revenue, up 50% year-over-year, and $102 million for full-year 2025. It is approved for paroxysmal nocturnal hemoglobinuria (PNH) and C3 glomerulopathy (C3G) / primary IC-MPGN. Apellis holds U.S. commercialization rights; Sobi holds ex-U.S. commercialization rights.
2. SYFOVRE (pegcetacoplan injection) - U.S. Product Sales: SYFOVRE generated $155.2 million in Q4 2025 U.S. net product revenue and $587 million for full-year 2025, with approximately 102,000 doses delivered and a 60% market share in geographic atrophy. SYFOVRE is the first-ever approved therapy for geographic atrophy.
3. Sobi Royalty and Co-development Agreement: Sobi holds global co-development and ex-U.S. commercialization rights for systemic pegcetacoplan. Apellis received a $275 million upfront payment from Sobi's royalty repurchase in 2025 and up to $300 million through a royalty agreement. Sobi also secured Health Canada approval for EMPAVELI in C3G and primary IC-MPGN.
4. Sixth Street Credit Facility: In May 2024, Apellis secured a $475 million non-dilutive senior secured credit facility from Sixth Street ($375 million funded at close), using most proceeds to buy out SFJ Pharmaceuticals' development liability, improving liquidity and reducing future payment obligations.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels6 records

Core offering

Apellis develops and commercializes pegcetacoplan-based, C3-targeted therapeutics. EMPAVELI (pegcetacoplan subcutaneous injection) is approved for paroxysmal nocturnal hemoglobinuria (PNH), C3 glomerulopathy (C3G), and primary IC-MPGN. SYFOVRE (pegcetacoplan intravitreal injection) is the first-ever approved therapy for geographic atrophy (GA) secondary to age-related macular degeneration. The company also advances pipeline programs including combination therapies and gene-edited complement medicines via collaboration with Beam Therapeutics.

Product overview

Apellis Pharmaceuticals is a biopharmaceutical company that developed two first-in-class C3-targeted medicines approved across four diseases. The company's portfolio consists of EMPAVELI (pegcetacoplan) for paroxysmal nocturnal hemoglobinuria (PNH), C3 glomerulopathy (C3G), and primary immune complex membranoproliferative glomerulonephritis (IC-MPGN), and SYFOVRE (pegcetacoplan injection) for geographic atrophy (GA) secondary to age-related macular degeneration. Both products are supported by patient assistance programs (EMPAVELI APELLIS ASSIST and SYFOVRE APELLIS ASSIST). The company was acquired by Biogen in May 2026.

Differentiator

Problem solved

Functional benefit

Brands

• EMPAVELI: Pegcetacoplan injection for subcutaneous use, approved for PNH and C3G/IC-MPGN
• SYFOVRE
• EMPAVELI APELLIS ASSIST
• SYFOVRE APELLIS ASSIST

Products and services

• EMPAVELI (pegcetacoplan) EMPAVELI is a subcutaneous C3-targeted therapy approved for Paroxysmal Nocturnal Hemoglobinuria (PNH), C3 Glomerulopathy (C3G), and Primary Immune Complex Membranoproliferative Glomerulonephritis (IC-MPGN). It is the first new class of complement medicine in nearly 15 years and is prescribed by hematologists and nephrologists.
• SYFOVRE (pegcetacoplan injection) SYFOVRE is an intravitreal C3 inhibitor injection approved for Geographic Atrophy (GA) secondary to age-related macular degeneration. It is the first-ever approved therapy for geographic atrophy, a leading cause of blindness worldwide, and is administered by retina specialists and ophthalmologists.

Quantifiable outcome

• SYFOVRE generated $587M in FY2025 revenue with approximately 102,000 doses delivered and 60% market share in geographic atrophy
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core and strategic.

• Sobi (Swedish Orphan Biovitrum)coreStrategic or Co-development Partner · 1 June 2026Sobi holds global co-development and ex-U.S. commercialization rights for systemic pegcetacoplan (EMPAVELI). Sobi received Health Canada approval for EMPAVELI in C3G and primary IC-MPGN in 2026 and presented Phase 3 VALIANT data at ERA 2026. Sobi repurchased royalties from Apellis for a $275M upfront payment in 2025, and Apellis may receive up to $300M through a royalty agreement. Sobi also holds exclusive ex-U.S. commercialization rights for the VALIANT long-term extension (VALE) study.
• Biogen Inc.coreOthers · 31 March 2026Biogen acquired Apellis Pharmaceuticals for approximately $5.6 billion ($41 per share in cash plus contingent value rights tied to SYFOVRE sales milestones). The acquisition was completed on May 14, 2026, with approximately 82.4% of outstanding shares tendered. Apellis became a wholly owned subsidiary of Biogen, adding two FDA-approved products (EMPAVELI and SYFOVRE) generating $689 million in combined net product revenue in 2025. The deal was expected to be accretive to Biogen's non-GAAP diluted EPS starting in 2027 and to deliver mid-to-high teens revenue growth through 2028.
• Biogen Inc.coreOthers · 31 March 2026Biogen's acquisition adds two commercial complement-targeting therapies: SYFOVRE for geographic atrophy (ophthalmology) and EMPAVELI for complement-mediated diseases (hematology/nephrology). The deal strengthens Biogen's immunology and rare disease portfolio and expands capabilities in nephrology ahead of the planned launch of felzartamab, which Apellis's nephrology team will support.
• Beam TherapeuticsstrategicStrategic or Co-development Partner · 21 March 2026Apellis entered into an exclusive research collaboration with Beam Therapeutics to discover novel base-edited treatments focused on complement targets in the eye, liver, and brain. The collaboration explores gene-edited complement therapies (APL-9099: gene-edited FcRn therapy) and oral complement inhibitors, extending Apellis's complement platform into gene editing and new therapeutic areas.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Alexion (AstraZeneca): Alexion's Soliris and Ultomiris are C5 inhibitors for PNH and aHUS and directly compete with EMPAVELI in PNH; they set the incumbent standard of care that pegcetacoplan must displace, making Alexion Apellis's most direct competitor in complement-mediated rare disease.
• Iveric Bio (Astellas): Iveric Bio developed Izervay (avacincaptad pegol), a complement C5 inhibitor approved for geographic atrophy, directly competing with SYFOVRE in the same indication, prescribers, and patient population.
• BioMarin Pharmaceutical: BioMarin is a rare-disease biopharma commercializing enzyme-replacement and gene therapies for small patient populations, mirroring Apellis's specialty/rare-disease model across PNH, C3G/IC-MPGN, and GA.
• Alnylam Pharmaceuticals: Alnylam commercializes RNA-based therapeutics for rare diseases such as hATTR amyloidosis and primary hyperoxaluria using a specialty sales model similar to Apellis's APELLIS ASSIST programs, and shares several board and executive alumni.
• Swedish Orphan Biovitrum (Sobi): Sobi is Apellis's global co-development and ex-U.S. commercialization partner for systemic pegcetacoplan (EMPAVELI) and also operates a complementary rare-disease hematology and immunology franchise, making it both a strategic partner and a comparable rare-disease commercial peer.

Broad incumbents

• Regeneron Pharmaceuticals: Regeneron's EYLEA franchise anchors the retinal disease market and competes for retina specialist mindshare and formulary positioning that SYFOVRE relies on for uptake, making it a broad incumbent ophthalmology peer.
• Roche / Genentech: Roche markets Vabysmo (faricimab) and historically Lucentis in retinal disease and ophthalmology, representing a broad incumbent competitor for SYFOVRE in retina specialist practices and payer negotiations.
• Vertex Pharmaceuticals: Vertex is a high-margin rare-disease and specialty biopharma (cystic fibrosis, sickle cell, pain) with a comparable commercial model around specialty prescribers and rare-disease patient identification, positioning it as a peer in commercial sophistication and profitability profile.
• Takeda Pharmaceutical: Takeda operates a broad rare-disease, hematology, and immunology portfolio across PNH-adjacent indications, with a global specialty commercial infrastructure similar in scale to Biogen's post-acquisition footprint for Apellis.

Emerging players

• Beam Therapeutics: Beam is Apellis's research collaborator on base-edited complement therapies (eye, liver, brain) and represents an emerging modality peer exploring gene-editing approaches against complement and adjacent targets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/ApellisPharma
• LinkedInlinkedin.com/company/apellis?trk=company_logo

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds13 records

Investors20 records

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M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Apellis Pharmaceuticals