Genmab Acquires Dutch Cancer Drugmaker Merus for $8 Billion

Genmab has agreed to acquire Dutch cancer drugmaker Merus for $8 billion. The deal will expand Genmab's oncology portfolio and strengthen its position in the biotech industry. Merus' pipeline includes several promising cancer treatments, including zimberelimab, which targets a protein involved in the development of solid tumors. The acquisition is expected to close in the second half of 2023.

Denmark-based biotech company Genmab has agreed to acquire Dutch biotech firm Merus NV in a deal valued at approximately USD 8 billion. The acquisition will significantly expand Genmab’s oncology portfolio and strengthen its position in the biotechnology industry. The transaction is expected to close in the second half of 2023.

Merus, listed on Nasdaq with a market capitalization of about USD 5.2 billion, is developing several promising cancer treatments, including zimberelimab, which targets a protein involved in the development of solid tumors. The acquisition of Merus will add petosemtamab, a late-stage asset with two Breakthrough Therapy Designations, to Genmab’s portfolio Genmab to Acquire Merus, Expanding Late-Stage Pipeline ...^[3].

The deal represents Genmab’s largest acquisition to date and aligns with its long-term strategy to accelerate its shift to a wholly owned model. The acquisition is expected to be accretive to EBITDA by the end of 2029 and contribute to Genmab’s sustained growth into the next decade Genmab to Acquire Merus, Expanding Late-Stage Pipeline ...^[3].

Genmab will pay USD 97.00 per share for Merus, representing a premium of approximately 41% over Merus’ closing stock price on September 26, 2025, of USD 68.89. The transaction is not subject to a financing condition and will be funded through a combination of cash on hand and approximately USD 5.5 billion of non-convertible debt financing Genmab to Acquire Merus, Expanding Late-Stage Pipeline ...^[3].

The acquisition is anticipated to be accretive to EBITDA with at least USD 1 billion in annual sales potential by 2029, with multi-billion-dollar annual revenue potential thereafter. Following the closing of the transaction, Genmab will have four proprietary programs expected to drive multiple new drug launches by 2027 Genmab to Acquire Merus, Expanding Late-Stage Pipeline ...^[3].

This acquisition is a strategic move for Genmab, which aims to leverage Merus’ innovative pipeline and expertise in antibody therapy development and commercialization in oncology. The addition of petosemtamab to Genmab’s portfolio is expected to be a transformational therapy for patients living with head and neck cancer Genmab to Acquire Merus, Expanding Late-Stage Pipeline ...^[3].

The proposed acquisition of Merus has been unanimously approved by the Boards of Directors of both companies. Genmab will host a conference call today at 1:00 PM CEST / 12:00 PM BST / 7:00 AM EDT to discuss the transaction in detail Genmab to Acquire Merus, Expanding Late-Stage Pipeline ...^[3].