Biogen moved to secure commercial immunology revenue by agreeing to acquire Apellis Pharmaceuticals for roughly $5.6 billion upfront. The transaction brings Apellis’ approved assets, led by Syfovre for geographic atrophy, which generated $587 million in sales last year. The deal also includes a potential additional payout structure linked to Syfovre-related thresholds. With the acquisition, Biogen expands beyond its core franchises as it looks for growth from immunology and complement-driven therapies already established in patient care. While financial terms focus on upfront value, investors will likely weigh the integration path and the durability of Syfovre’s market uptake, given competition and payer dynamics in retinal immunology.