Genmab to Acquire Merus for $8 Billion in Cash

Genmab A/S (GMAB) entered a merger agreement on September 29, 2025, to acquire Merus N.V. (MRUS) in an all-cash deal valued at $8 billion.

Deal Structure:

Genmab intends to acquire all the shares of Merus for $97 per share in an all-cash transaction, representing a 40.80% premium from the stock’s last close.

Company Profile:

Merus is a biotech company based in the Netherlands that develops innovative antibody-based medicines for cancer. Its lead program, Zenocutuzumab, is in clinical trials for breast and lung cancers, along with other candidates for solid tumors and blood cancers.

Genmab is a biotechnology company headquartered in Copenhagen, Denmark, that develops innovative antibody-based therapies for cancer and other diseases. Its portfolio includes marketed products like DARZALEX and a broad pipeline of next-generation antibody medicines.

Deal Details and Timeline:

A wholly owned subsidiary of Genmab will commence a tender offer for 100% of Merus’ common shares, which is anticipated to close by early in the first quarter of 2026.

Genmab plans to fund the deal using its available cash and about $5.5 billion in regular debt. The company has already secured a financing commitment from Morgan Stanley Senior Funding for this amount.

Merus was advised by Jefferies as financial advisor and by Latham & Watkins and NautaDutilh as legal counsel. Genmab was advised by PJT Partners and Morgan Stanley & Co. International on financial matters, and by A&O Shearman and Kromann Reumert on legal matters.

Deal Metrics:

For more in-depth information about this merger and acquisition transaction, please visit the Deal Metrics page here:

Deal Metrics for the acquisition of Merus N.V. (MRUS) by Genmab A/S (GMAB)

The Deal Metrics page for each merger or acquisition includes:

• A spread history chart of the merger from announcement through eventual completion or failure.
• Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates.
• And a whole lot more.

Disclaimer: Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article