Genmab A/S and Merus N.V. announced a definitive agreement under which Genmab will acquire all outstanding shares of Merus for $97.00 per share in an all-cash transaction valued at approximately $8 billion. The acquisition, unanimously approved by the boards of both companies, will be executed through a tender offer by a Genmab subsidiary and is expected to close by early Q1 2026.
The deal marks a major strategic move for Genmab, accelerating its transition to a wholly owned product model and significantly expanding its oncology pipeline. Central to the acquisition is Merus’ lead asset, petosemtamab, a bispecific antibody targeting EGFR and LGR5 that is currently in Phase 3 trials for head and neck cancer. The therapy has been granted two Breakthrough Therapy Designations by the U.S. FDA and has shown promising Phase 2 results, including strong response rates and progression-free survival in comparison to standard treatments.
Genmab CEO Jan van de Winkel said the acquisition aligns with the company’s long-term strategy and positions Genmab for sustained growth. “Petosemtamab has the potential to be a transformational therapy for patients living with head and neck cancer,” he noted.
Merus CEO Dr. Bill Lundberg expressed confidence in Genmab’s ability to advance petosemtamab’s development and commercial potential, calling the deal a natural fit given both companies’ leadership in antibody therapeutics.
With petosemtamab potentially launching in 2027 pending trial results and regulatory approvals, Genmab forecasts the drug could reach at least $1 billion in annual sales by 2029 and scale to multi-billion-dollar revenue in subsequent years. The acquisition is expected to enhance Genmab’s late-stage portfolio, with four proprietary programs potentially leading to several new drug launches by 2027.