Genmab bets $8 billion on Merus to speed transformation

Danish biotechnology company Genmab A/S said Monday it agreed to acquire Merus N.V. in an all-cash deal valued at approximately $8.0 billion, its largest acquisition to date.

The deal gives Genmab control of Merus's late-stage cancer therapy, petosemtamab, which is being tested for head and neck cancer.

The acquisition is the latest in a series of deals for Genmab, including its $1.8 billion purchase of ProfoundBio earlier this year, as it seeks to build a pipeline of wholly owned drugs and reduce its reliance on royalty revenue.

Petosemtamab has received two Breakthrough Therapy Designations from the U.S. Food and Drug Administration, a status intended to expedite the development of promising drugs.

Genmab said it anticipates a potential launch for the drug in 2027, subject to clinical results and regulatory approvals.

"The proposed acquisition of Merus clearly aligns with our long-term strategy," said Jan van de Winkel, President and Chief Executive Officer of Genmab.

"It has the potential to significantly accelerate our evolution into a global biotechnology leader by providing durable growth for the company well into the next decade."

The offer of $97.00 per share represents a 41% premium to Merus's closing price on Friday, according to the company.

The transaction, which will be funded with cash and about $5.5 billion in debt, is expected to close early in the first quarter of 2026.