Pharma BD Deal Intelligence
Genmab acquired Merus for $97.00/share cash, total transaction value ~$8.0B. The tender offer (via subsidiary Genmab Holding II B.V.) completed and the acquisition closed on December 12, 2025, making Merus a wholly owned subsidiary of Genmab. The deal adds petosemtamab, an EGFRxLGR5 bispecific with two Breakthrough Therapy Designations for 1L and 2L+ head and neck cancer (SCCHN); Phase 2 data at ASCO 2025 showed ORR and PFS substantially above standard of care. Phase 3 trials (LiGeR-HN1, NCT06525220, 1L petosemtamab + pembrolizumab; and a 2L+ trial) are ongoing with topline readouts anticipated in 2026. Genmab targets an initial petosemtamab launch in 2027 and expects the asset to be EBITDA-accretive with >$1B annual sales potential by 2029. Funded via cash on hand plus ~$5.5B of non-convertible debt financing.