Barclays analyst Emily Field reiterated an Equalweight rating and $185.00 price target on Biogen (NASDAQ: BIIB)

The analyst commented, "Biogen's $5.6B acquisition of Apellis adds a commercial franchise in nephrology ahead of readouts for felzartamab starting in 2027. Ophthalmology had been an area where BIIB exited so commentary on call here will be of note. Deal is in line with mgmt commentary on M&A ahead of CELIA tau readout... Our high-level first take is that this deal is in line with BIIB's recent commentary on what type of asset it was targeting (commercial but early in launch, additive to cash flow) and the size it was targeting (at 4Q25, CEO said "no more than $5-6bn). Acquiring an asset in the nephrology space also signals confidence ahead of next year's felzartamab readouts. This deal also comes just ahead of the next major catalyst for BIIB, which will be the CELIA P2 readout for BIIB080, the antisense oligonucleotide anti-tau asset in Alzheimer's Disease. BIIB will be holding a call at 8:30 ET where we expect more details on the deal/ strategic fit/financial considerations."

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Shares of Biogen closed at $187.57 yesterday.