Genmab A/S completed its tender offer for Merus N.V. on December 12 2025, acquiring all outstanding shares at $97 per share in cash. The transaction values Merus at roughly $8 billion and brings the bispecific antibody petosemtamab—currently the company’s lead asset—into Genmab’s portfolio.
The deal marks a decisive shift for Genmab from a royalty‑collector model to a fully integrated biopharmaceutical company. Petosemtamab, which has received Breakthrough Therapy Designations from the FDA for both monotherapy and combination use in head‑and‑neck squamous cell carcinoma, is expected to generate at least $1 billion in annual sales by 2029 and to become accretive to EBITDA once regulatory approvals are secured. By adding petosemtamab, Genmab expands its late‑stage pipeline and positions itself in the rapidly growing bispecific antibody market.
Genmab financed the acquisition with a mix of cash on hand and approximately $5.5 billion of non‑convertible debt. The tender offer closed on December 12, and Genmab plans to complete the acquisition of 100 % of Merus through back‑end transactions early in the first quarter of 2026. The financing structure preserves liquidity while allowing Genmab to maintain its growth trajectory.
Genmab CEO Jan van de Winkel said the acquisition “aligns with our long‑term strategy and accelerates our evolution into a global biotechnology leader.” He added that petosemtamab is a “transformational therapy.” Merus CEO Bill Lundberg expressed confidence that Genmab’s experience will advance the program, noting the company’s strong development pipeline and the strategic fit with Genmab’s expertise.
Merus reported trailing‑12‑month revenue of $56.6 million as of September 30 2025, with cash and marketable securities expected to fund operations through 2028. Petosemtamab’s Phase 3 trials are ongoing, with interim readouts anticipated in 2026 and a potential launch in 2027. The acquisition also follows Genmab’s $1.8 billion purchase of ProfoundBio in 2024, underscoring a broader strategy to control late‑stage development and commercialization.
The transaction strengthens Genmab’s competitive position, diversifies its revenue streams, and provides a platform for future growth in the bispecific antibody space. By consolidating ownership and reducing reliance on external partners, Genmab is better positioned to capture full value from its assets and to accelerate the development of next‑generation therapies.
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