Biogen agreed to pay about $5.6 billion to acquire Apellis Pharmaceuticals, a deal that expands Biogen’s footprint in nephrology and builds on an existing pipeline, including a HI-Bio program in pivotal testing across kidney conditions. The acquisition follows Biogen’s earlier immunology move and signals continued appetite for revenue and pipeline expansion through late-stage assets. In parallel, STAT+ framed the quarter’s momentum around “Takeover Tuesday” dynamics, citing Eli Lilly’s acquisition of Centessa Pharma and Biogen’s Apellis buy as key catalysts that lifted investor sentiment toward biotech despite lower counts of FDA approvals. Taken together, the transactions underscore that balance-sheet-driven consolidation remains a dominant strategy for acquiring clinical-stage diversification and de-risking near-term growth.