Apellis to Receive up to $300 Million from Royalty Purchase Agreement with Sobi

Rare Daily Staff

Apellis Pharmaceuticals said it entered into a capped royalty purchase agreement with Sobi that will provide up to $300 million in exchange for 90 percent of Apellis’ future ex-U.S. royalties for Aspaveli.

Under the terms of the agreement, Sobi will pay Apellis’ $275 million in cash. Apellis will also be eligible for up to $25 million in milestone payments upon European Medicines Agency approval of Aspaveli for C3 glomerulopathy (C3G) and immune complex membranoproliferative glomerulonephritis (IC-MPGN), rare and debilitating kidney diseases that can lead to kidney failure.

The agreement is subject to defined caps tied to Aspaveli’s performance. Sobi retains 90 percent of ex-U.S. royalties until these caps are achieved, after which 100 percent of all ex-U.S. royalties revert to Apellis.

Under the companies’ 2020 collaboration agreement, Apellis is eligible for tiered royalties on ex-U.S. sales of Aspaveli ranging from the high teens to the high twenties. Apellis retains exclusive commercialization rights to the medication in the United States, where the product is marketed as Empaveli.

In C3G and IC-MPGN, excessive C3 deposits are a key marker of disease activity, which can lead to kidney inflammation, damage, and failure. Approximately 50 percent of people living with C3G and primary IC-MPGN suffer from kidney failure within five to 10 years of diagnosis, requiring a burdensome kidney transplant or lifelong dialysis. Additionally, approximately 90 percent of patients who previously received a kidney transplant will experience disease recurrence.

Aspaveli/Empaveli is approved in the European Union, other countries globally, and the U.S. for the treatment of paroxysmal nocturnal hemoglobinuria (PNH), a rare blood disorder. It is currently under review in the European Union and the United States for the treatment of C3G and IC-MPGN. An opinion by the European Medicines Agency’s Committee for Medicinal Products for Human Use is expected before year-end. In the United States, the U.S. Food and Drug Administration is expected to act by July 28, 2025.

“Through our collaboration, Sobi has developed a deep understanding of Aspaveli/Empaveli’s potential to significantly improve patient outcomes and deliver long-term value as a rare disease franchise,” said Timothy Sullivan, chief financial officer of Apellis. “Importantly, the non-dilutive funding from this transaction further strengthens our balance sheet and provides significant operational flexibility as we approach sustainable profitability, expand the reach of our approved products, and advance our innovative pipeline.”

Photo: Timothy Sullivan, chief financial officer of Apellis