Genmab A/S announced it will acquire Merus N.V., a Netherlands-based clinical-stage cancer biotech, in an all-cash transaction valued at approximately $8B. The deal marks a significant push by Genmab to cement its leadership in antibody therapeutics and expand its late-stage oncology pipeline.
Under the terms, Genmab will pay $97 per share for Merus—a 41% premium over Merus’s last closing price. Both boards unanimously recommended the deal, which is expected to close in early 2026, pending regulatory and shareholder approvals.
The acquisition’s centerpiece is petosemtamab, Merus’s bispecific antibody targeting EGFRxLGR5, which has secured two FDA Breakthrough Therapy designations for treating recurrent and metastatic head and neck cancer. Phase 2 data for petosemtamab were highlighted at ASCO 2025, demonstrating overall response rates and median progression-free survival that surpass current standards of care. Merus is now conducting two Phase 3 trials, with interim topline results anticipated in 2026.
Jan van de Winkel, Genmab’s CEO, described the deal as transformational, aligning with the company’s strategic goal to become a biotechnology leader and deliver sustainable growth beyond its blockbuster Darzalex franchise. Genmab expects petosemtamab could be launched as early as 2027, with the therapy forecasted to reach at least $1 billion in annual sales by 2029 if clinical milestones are met.
The acquisition will be funded through a combination of Genmab’s cash reserves and approximately $5.5 billion in new debt financing. Both firms expressed confidence in the deal, emphasizing their shared commitment to advancing innovative oncology solutions for patients worldwide.
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