Genmab commences tender offer for Merus, advancing $8 billion acquisition

Genmab A/S on Tuesday said it has commenced a cash tender offer to acquire all outstanding shares of Merus N.V. for $97.00 per share, formally launching its approximately $8 billion acquisition of the biotechnology company.

The offer is being made pursuant to a transaction agreement announced on Sept. 29, according to the company.

Genmab filed a tender offer statement with the U.S. Securities and Exchange Commission, while Merus filed a separate statement that included its board's recommendation for shareholders to accept the offer.

The offer is scheduled to expire on Dec. 11, 2025, unless extended, the company said.

The acquisition is a key part of the Danish company's strategy to build a pipeline of wholly-owned drugs and gives it control of Merus's late-stage cancer therapy, petosemtamab.

Petosemtamab, which is being tested for head and neck cancer, has received two Breakthrough Therapy Designations from the U.S. Food and Drug Administration.

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

"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."