Sobi Receives Positive CHMP Opinion for Aspaveli
Positive Opinion from EMA: Sobi announced that the European Medicines Agency's Committee for Medicinal Products for Human Use has recommended marketing authorization for Aspaveli (pegcetacoplan) to treat C3 glomerulopathy and primary immune-complex membranoproliferative glomerulonephritis in adults and adolescents.
Phase 3 Study Results: The recommendation is based on positive outcomes from the Phase 3 VALIANT study, which supports the efficacy of pegcetacoplan in the specified conditions.
Expected Approval Timeline: The European Commission is anticipated to make a decision on the approval by the first quarter of 2026.
Co-Development Rights: Sobi and Apellis Pharmaceuticals hold global co-development rights for systemic pegcetacoplan, indicating a collaborative effort in bringing this treatment to market.
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- Market Potential Unveiled: Apellis Pharmaceuticals' Empaveli received FDA approval in 2025 as the first treatment for C3 glomerulopathy, which is expected to significantly enhance the company's revenue outlook over the coming years.
- Early Commercial Performance: In Q3, Empaveli generated $27 million in U.S. net product revenue, with 267 new patient start forms recorded since its late July approval, indicating a 5% market penetration and strong acceptance.
- Competitive Advantage: The broader label of Empaveli is driving early uptake, with management asserting its efficacy surpasses Novartis' Fabhalta, projecting peak U.S. sales of $508 million by 2033, which could further elevate the company's valuation.
- Future Catalysts: Analysts noted that the anticipated filing for Syfovre's prefilled syringe in the first half of 2026 could lead to market share expansion and overall market growth, with potential impacts expected in 2027.

- Strong Market Performance: Since receiving FDA approval for Empaveli in July for C3 glomerulopathy, Apellis has recorded 267 new patient start forms, indicating robust market demand and product acceptance.
- Payer Progress: Management reports no full denials to date, suggesting that Empaveli's broader label and superior efficacy compared to Novartis' Fabhalta have facilitated rapid market penetration.
- EU Approval Boost: Apellis' partner Sobi recently received EU approval for the drug against C3G and IC-MPGN, further enhancing Empaveli's competitive position in international markets.
- Growth Potential: With the price target unchanged at $28 per share, analysts believe there is room for continued upside as momentum builds in the coming quarters.
- Drug Approval: Swedish Orphan Biovitrum (Sobi) announced that its blood disorder therapy Aspaveli received approval from the European Commission, allowing it to treat patients aged 12-17 with C3 glomerulopathy and primary immune-complex membranoproliferative glomerulonephritis, estimated to affect up to 8,000 patients in Europe, significantly expanding its market share in the rare disease sector.
- Market Collaboration: Aspaveli is marketed in collaboration with Apellis Pharmaceuticals, whose Empaveli generated $67.3 million in net product revenue during the first nine months of 2025, indicating the market potential and commercial value of the drug in treating related conditions.
- Regulatory Consistency: The approval aligns with the positive opinion issued by the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) in December, reflecting regulatory recognition of Aspaveli's efficacy and laying a foundation for Sobi's further development in the European market.
- Strategic Implications: By securing approval for Aspaveli, Sobi not only enhances its competitiveness in the rare kidney disease treatment space but also creates favorable opportunities for future market expansion and new product development, aligning with the company's long-term growth strategy.
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