1️⃣ Biogen closed the Apellis trade Biogen completed the Apellis acquisition, taking the complement company private after an 82.4% tender and adding Syfovre and Empaveli, which generated $689 million in 2025 sales.
💡 Why it matters This is near-term revenue, nephrology infrastructure and a CVR on Syfovre execution, not a vague platform bet.
☕ Coffee talk Does Biogen now own a growth bridge, or did it just buy itself a harder ophthalmology job?
2️⃣ Bora bought MacroGenics’ biologics capacity Bora agreed to buy MacroGenics’ GMP manufacturing and CDMO operations for $122.5 million upfront, plus up to $5 million tied to future customer orders.
💡 Why it matters MacroGenics turns fixed infrastructure into cash while Bora gets a U.S. biologics site, commercial backlog and FDA/PMDA-inspected capacity.
☕ Coffee talk How many subscale biotech plants become someone else’s CDMO strategy before this cycle is done?
3️⃣ Collegium paid for ADHD durability Collegium completed the AZSTARYS acquisition from Corium for about $650 million upfront, with up to $135 million more tied to future commercial and manufacturing milestones.
💡 Why it matters This is a commercial CNS roll-up: patent cover into 2037, immediate accretion and guidance lifted, without waiting for pipeline risk to clear.
☕ Coffee talk If the asset is already de-risked, how much upside is left after the leverage is on?