Biogen agreed to acquire Apellis Pharmaceuticals in a $5.6 billion deal aimed at accelerating the company’s expansion in nephrology. The acquisition follows Biogen’s prior investment in immunology and adds Apellis’ pipeline assets, including a HI-Bio drug in pivotal testing across three kidney conditions. The purchase is expected to broaden Biogen’s disease-area focus and provide additional cash-flow support as the combined company navigates strategic priorities and leverages Apellis’ late-stage development. Biogen’s CFO also indicated that the cash flows from Biogen and Apellis together will improve leverage capacity and create room for future deals. For the sector, the transaction signals continued consolidation pressure in complement and immunology-adjacent franchises, particularly where late-stage programs are approaching pivotal decision points.