Genmab to Acquire Merus in $8.0 Billion All-Cash Deal
The acquisition gives Genmab control of a promising late-stage cancer drug, petosemtamab, significantly boosting its oncology pipeline.
Genmab A/S has announced a definitive agreement to acquire Merus N.V. in an all-cash transaction valued at approximately $8.0 billion. The deal, which was unanimously approved by both companies' boards of directors, is set to significantly expand Genmab's pipeline of cancer treatments and accelerate its transition to a wholly-owned product model.
Under the terms of the agreement, Genmab will acquire all outstanding shares of Merus for $97.00 per share in cash. This represents a substantial premium of approximately 41% to Merus's closing stock price on September 26, 2025. The acquisition is expected to close in the first quarter of 2026, subject to customary closing conditions and regulatory approvals.
The centerpiece of the acquisition is Merus's lead asset, petosemtamab, a bispecific antibody currently in Phase 3 development for the treatment of head and neck cancer. The drug has received two Breakthrough Therapy Designations from the U.S. Food and Drug Administration, highlighting its potential to address a significant unmet medical need. Genmab projects that petosemtamab could launch as early as 2027 and achieve over $1 billion in annual sales by 2029.
This strategic move is expected to provide Genmab with a durable source of growth well into the next decade. 'This acquisition is a significant step forward in our strategy to become a global biotechnology leader,' said Jan van de Winkel, Ph.D., President and CEO of Genmab. 'Petosemtamab is a highly promising asset that aligns perfectly with our oncology-focused pipeline and our mission to improve the lives of patients with cancer.' Merus CEO Bill Lundberg echoed this sentiment, stating that Genmab has the 'right vision and experience' to advance the drug.
Genmab plans to finance the transaction through a combination of cash on hand and approximately $5.5 billion in non-convertible debt financing. The acquisition will bolster Genmab's expertise in antibody therapy development and commercialization, solidifying its position in the competitive oncology market. The deal underscores a broader trend of larger pharmaceutical companies acquiring smaller biotechs to gain access to innovative, late-stage assets.