Asthika Goonewardene

Yaron Werber

Jonathan Chang

Michael Schmidt

Rajan Sharma

Matt Phipps

Qize Ding

Vikram Purohit

Xian Deng

Emily Field

Etzer Darout

Matthew Phipps

Peter Verdult

Sachin Jain

Suzanne van Voorthuizen

Yifeng Liu

- Genmab announced the proposed acquisition of **Merus N.V.** for approximately **$8 billion**, with an offer price of **$97 per share in cash**.  **[1434265_2160571_3]**  The transaction is expected to close by **early Q1 2026**.  **[1434265_2160571_3]** 
- The acquisition centers on **petosemtamab (PETO)**, a bispecific antibody that has received **two breakthrough therapy designations**.  **[1434265_2160571_1]** **[1434265_2160571_2]**  Genmab anticipates its initial launch in **2027** and projects **multibillion-dollar peak sales potential**, with at least **$1 billion in revenue by 2029**.  **[1434265_2160571_1]** **[1434265_2160571_3]** **[1434265_2160571_5]** **[1434265_2160571_8]** 
- The transaction is expected to be **accretive to EBITDA by 2029** and approach break-even on the transaction in **2028**.  **[1434265_2160571_3]**  Genmab plans to maintain significant profitability in **2026** and achieve meaningful growth in **2027** as launch revenues build.  **[1434265_2160571_3]** 
- Strategically, this acquisition accelerates Genmab's shift towards a **100% owned model**, expands and diversifies revenue, and strengthens its late-stage pipeline with a wholly-owned asset.  **[1434265_2160571_1]** **[1434265_2160571_3]** **[1434265_2160571_5]** 
- Key upcoming milestones for PETO include top-line interim readouts from one or both Phase 3 trials in **2026**.  **[1434265_2160571_1]** **[1434265_2160571_2]** **[1434265_2160571_8]**

Genmab Announces Proposed Acquisition of Merus N.V.

- **Genmab A/S** announced its plan to acquire **Merus N.V.** for approximately **$8.0 billion** in an **all-cash transaction**, offering **$97.00 per share**.  **[1434265_0001434265-25-000083_gmab_20250929xex99d1.htm:1]** 
- The acquisition, which has been unanimously approved by both companies' Boards of Directors, is expected to close by **early in the first quarter of 2026**.  **[1434265_0001434265-25-000083_gmab_20250929xex99d1.htm:1]** 
- This strategic move adds **petosemtamab**, a late-stage asset with two Breakthrough Therapy Designations for head and neck cancer, to Genmab's portfolio, with an initial launch anticipated in **2027**.  **[1434265_0001434265-25-000083_gmab_20250929xex99d1.htm:1]** **[1434265_0001434265-25-000083_gmab_20250929xex99d1.htm:2]** 
- The transaction is projected to be **accretive to EBITDA by the end of 2029**, with petosemtamab expected to generate at least **$1 billion in annual sales by 2029**.  **[1434265_0001434265-25-000083_gmab_20250929xex99d1.htm:1]** **[1434265_0001434265-25-000083_gmab_20250929xex99d1.htm:2]** 
- Funding for the acquisition will come from a combination of cash on hand and approximately **$5.5 billion of non-convertible debt financing**.  **[1434265_0001434265-25-000083_gmab_20250929xex99d1.htm:3]**

Genmab A/S to Acquire Merus N.V.

GENMAB (GMAB)