A nоtаble recent аcquisitiоn is Biоgen’s аcquisition of Apellis Pharmaceuticals, announced in April 2026 for $5.6 billion, aiming to expand its rare disease portfolio. Biogen paid a 140% premium over Apellis’s prior closing price, offering $41 per share in cash plus a contingent value right (CVR) of up to $4 per share.This acquisition premium is best explained by: