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Genmab to Acquire Merus for $8.0 Billion, Adding Late-Stage Cancer Therapy Petosemtamab
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In an all-cash transaction valued at approximately $8.0 billion, Genmab has announced a definitive agreement to acquire the clinical-stage biotechnology company, Merus N.V. This proposed acquisition will see Genmab pay $97.00 per share for all outstanding Merus common shares, representing a premium of about 41% over Merus’ recent closing stock price. The core strategic driver for Genmab is the addition of petosemtamab, Merus’ late-stage, lead asset, which is a bispecific antibody in Phase 3 development for head and neck cancer and has been granted two Breakthrough Therapy Designations by the U.S. FDA. The transaction, which has been unanimously approved by both Boards of Directors, is expected to close by early in the first quarter of 2026 via a tender offer by a wholly owned Genmab subsidiary.

The acquisition is seen as a major accelerant for Genmab’s long-term strategy, helping the company transition into a global biotechnology leader with a more diversified, wholly owned revenue stream that is anticipated to drive sustained growth into the next decade. Genmab CEO Jan van de Winkel emphasized that petosemtamab has the potential to be a transformational therapy, and with Genmab’s proven development and commercialization track record, they are confident in its success. Merus CEO Bill Lundberg expressed excitement about joining Genmab, citing their shared history of innovation in multispecific antibodies and Genmab's expertise to advance petosemtamab. Petosemtamab, an EGFRxLGR5 bispecific antibody, has shown promising Phase 2 data and is currently in two Phase 3 trials, with an initial launch potentially as early as 2027, subject to regulatory approvals. Genmab anticipates the asset will be accretive to EBITDA by the end of 2029 and has an estimated multi-billion dollar annual revenue potential thereafter. The deal will be funded through a combination of cash on hand and approximately $5.5 billion in non-convertible debt financing, with Genmab committed to deleveraging post-closing. Genmab will host a conference call today, September 29, 2025, to discuss the transaction.

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