Biogen’s $41‑per‑share Apellis buyout triggers director’s full exit of stock and options

Biogen’s $41‑per‑share cash offer for Apellis, plus a contingent value right worth up to $4, triggered director Keli Walbert’s full exit of stock and options, leaving her with no remaining Apellis holdings.

Apellis (APLS) agreed to be acquired by Biogen (BIIB) in a March 2026 tender offer. Under the deal, each share receives $41 in cash plus one contingent value right (CVR) that may pay up to $4 if certain milestones are met. Before the announcement, Apellis’s market cap stood near $6.8 billion and its shares climbed about 10% to roughly $41.20 in premarket trading, while Biogen’s stock moved less than 1%.

Fact 1 – Apellis shares tendered in the offer were exchanged for $41.00 cash per share plus a CVR worth as much as $4.00. Fact 2 – On the merger’s effective date, director Keli Walbert disposed of her Apellis common stock and had all options with exercise prices below $41.00 cancelled for cash plus the corresponding CVRs. Fact 3 – After these transactions, the filing shows Walbert holds no remaining Apellis common shares or stock options.

The cash-plus-CVR structure ties part of the payout to future performance, giving Walbert a contingent upside linked to milestone achievement. Her complete exit eliminates direct insider ownership, which can reduce alignment concerns but also removes a potential source of ongoing oversight. Investors will watch whether the CVR milestones are met, as each satisfied condition could deliver up to $4 per share in additional cash.

What to watch next is the progress toward the CVR‑triggering milestones, such as regulatory approvals for Apellis’s pipeline assets. Any further insider disclosures will signal how Biogen’s leadership is positioning itself after the integration.