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. , 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 .
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.' , 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.