RARE Daily

Apellis Restructures to Drive Growth of Approved Products, Reduces Workforce by 25 Percent

August 29, 2023

Rare Daily Staff

Apellis Pharmaceuticals, a biopharmaceutical company focused on complement-mediated disorders, said it has begun a corporate restructuring to drive growth of its commercialized products Syfovre and Empaveli, both of which are C3 complement inhibitors, in order to position itself for long term success.

The restructuring will include cost reduction initiatives, including a 25 percent reduction in its workforce by the end of the third quarter of 2023, which align with the company’s near-term priorities and are expected to result in up to $300 million in total cost savings through 2024.

“We are taking important actions to strengthen our ability to invest in growth opportunities and support the company’s long-term success, including maximizing the significant opportunity with Syfovre,” said Cedric Francois, co-founder and CEO of Apellis. “As a more focused organization, we believe these initiatives put Apellis in a stronger position to create value for shareholders and continue delivering on our mission for patients now and in the future.”

Apellis said it remains focused on supporting the continued strong U.S. commercial launch of Syfovre and is preparing for potential ex-U.S. launches, with an anticipated decision on regulatory approval by the European Medicines Agency in early 2024. Marketing applications for intravitreal pegcetacoplan are also under review in Canada, Australia, the United Kingdom and Switzerland, with decisions expected in the first half of 2024.

The company is also reducing Empaveli-related expenses through a more focused commercial and medical organization. Empaveli is the first targeted C3 therapy for treatment of adults with paroxysmal nocturnal hemoglobinuria.

Apellis will also prioritize development of systemic pegcetacoplan in immune complex membranoproliferative glomerulonephritis and C3 glomerulopathy, rare kidney diseases with no approved treatments. Top-line data from the phase 3 VALIANT study are expected in 2024.

Research initiatives will focus on high-potential opportunities in retina and central nervous system diseases, and deprioritize certain development initiatives (including siRNA with systemic pegcetacoplan, APL-1030, and APL-2006). The company will also continue its existing collaboration with Beam Therapeutics focused on applying base editing to discover novel therapies for complement-driven diseases.

Photo: Cedric Francois, co-founder and CEO of Apellis

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