Apellis Director Craig Wheeler Cashes Out in Biogen Merger, Receives $41 Per Share

*TL;DR: Director Craig Wheeler exited his Apellis holdings in the Biogen merger, receiving $41 cash per share and a contingent value right that could add up to $4 per share.

Context On May 14, 2026, Apellis Pharmaceuticals completed its merger with Biogen. The deal required each Apellis share to be exchanged for a fixed cash amount and a contingent value right (CVR). A CVR is a non‑transferable contract that pays additional cash if the merged company meets predefined milestones.

Key Facts - Wheeler disposed of all his common stock and cancelled vested stock options on the merger day. The transactions are classified as dispositions to the issuer and tender‑offer dispositions. - The merger agreement set the offer price at $41 in cash for each Apellis share, plus one CVR per share. The CVR may yield up to $4 extra per share if specific performance targets are achieved. - Wheeler’s holdings included 24,444 common shares, 15,110 additional common shares, 7,961 more common shares, and vested options covering 28,195 and 14,684 shares. All were surrendered; no Apellis equity remains in his portfolio. - Vested in‑the‑money options were cancelled for cash equal to the cash amount above the exercise price, and each underlying share generated a CVR.

What It Means Wheeler’s complete cash‑out eliminates any future upside or downside tied to Apellis’s performance post‑merger. The $41 cash per share reflects the base valuation agreed by Biogen and Apellis, while the CVR offers a modest upside contingent on the merged entity meeting milestones such as product approvals or revenue targets. For investors, the director’s exit signals confidence in the cash component and a willingness to forgo potential future gains tied to the CVR.

Looking Ahead Watch for Biogen’s progress on the CVR milestones; the additional $4 per share will be paid only if those targets are met, influencing the overall value realized by former Apellis shareholders.