Apellis Director Craig Wheeler Exits Stake in Biogen Deal, Secures $41 Per Share Plus CVR
Apellis Craig Wheeler sold shares and cancelled options in the Biogen merger, receiving $41 per share plus a CVR that could pay up to $4 if milestones are met.
Apellis director exits stake in Biogen cash-CVR deal
TL;DR
Craig Wheeler, a director of Apellis Pharmaceuticals, sold all his Apellis shares and cancelled his vested stock options as part of the May 14, 2026 merger with Biogen, receiving $41 in cash per share plus a contingent value right that could add up to $4 more.
Context
Apellis agreed to be acquired by Biogen in a deal announced earlier in 2026. Under the merger terms, each Apellis share is exchanged for $41 in cash and one contingent value right (CVR).
The CVR entitles the holder to receive up to an additional $4 per share if Biogen meets specific development milestones. The transaction closed on May 14, 2026, making Apellis a wholly owned subsidiary of Biogen.
Key Facts
On the closing date, Wheeler disposed of 47,515 Apellis common shares and cancelled vested options covering 42,879 shares. The cash portion of the deal gave him $41 per share, while each share also generated one CVR.
After these transactions, Wheeler reported holding no Apellis stock or options. The CVR remains attached to his former shares and could pay up to $4 more per share if milestones are achieved.
What It Means
Wheeler’s exit removes his direct financial interest in Apellis, aligning his holdings with the merger’s payout structure. His potential upside now depends solely on the CVR’s performance, which is tied to Biogen’s post‑merger milestone achievements. For other investors, the deal illustrates how directors can convert equity into cash and contingent rights during an acquisition.
What to watch next: whether Biogen reaches the milestones that trigger the CVR payments, which could affect the total value former Apellis shareholders receive.
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