Genmab Secures $97/shr Deal to Acquire Merus in Major Biotech Consolidation

2025-12-26 06:13:48

Transaction Moves Forward as Majority Shareholder Support Locks In

Genmab A/S (GMAB), through its subsidiary Genmab Holding II B.V., has achieved a critical milestone in its acquisition of Merus N.V. (MRUS) at $97 per share in cash. The Dutch biotechnology company’s shareholders overwhelmingly backed the proposal, with 71,463,077 shares—representing 94.2% of all outstanding equity—tendered by the December 11 deadline at 5:00 p.m. EST.

Strategic Value: Petosemtamab and the Path to $1B in Revenue

The deal represents a significant strategic move for Genmab to transition toward a fully integrated operating model. The crown jewel of this acquisition is petosemtamab, Merus’ lead clinical-stage asset, which Genmab plans to bring to market in 2027. Management guidance projects the therapy could generate at least $1 billion in annual sales by 2029, making this one of the company’s highest-potential pipeline additions.

Extended Tender Period Extends Through Late December

Rather than concluding immediately after the primary deadline, Genmab is extending an additional offering window spanning ten business days, from December 12 through December 29. During this subsequent period, shareholders who haven’t yet tendered may sell their shares at the identical $97 price point, with taxes applied as required and same-day settlement expected. Following the close of this extended window, the company will execute follow-on acquisition procedures to capture any remaining shares, with payment distributed thereafter.

Market Reaction Reflects Investor Confidence

Genmab’s own share performance underscored positive market sentiment around the transaction closure. On December 12, regular trading concluded with GMAB at $32.30, up $1.06 or 3.39% for the session. After-hours trading pushed the valuation higher still, with the stock climbing to $33.30 by 11:00 PM EST—an additional $1 or 3.10% gain. This upward momentum suggests investors view the consolidation favorably and see strong prospects for petosemtamab’s eventual commercialization.

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