The shares of Apellis Pharmaceuticals surged on Monday after reports that the biotech company might be set for a takeover by one of the industry leaders. The Apellis stock jumped more than 16% at one point after the news got out.
Bloomberg reports that Apellis is drawing interest from several large pharma firms and is currently considering its options. The company has already contacted an advisor to help them through the process while also considering several other moves. One of them could be securing licensing agreements or partnerships.
Apellis Pharmaceuticals focuses on developing treatments for autoimmune and inflammatory diseases. The Waltham, Massachusetts, headquartered company recently secured FDA approval for its drug Syfovre, which is used for treating geographic atrophy and has the potential of generating revenue up to $1 billion, according to analyst estimates.
In the wake of takeover rumors, Wells Fargo analyst Derek Archila projected that the potential sale of Apellis could be valued north of $10 billion. Archila estimates that the sale could go through at the price of $90 to $100 per share.
After Monday’s jump, Apellis shares are already at their all-time high. The stock traded at around $76.38 per share, representing a 51.91% increase year-to-date.