Brendan O'Brien

James Yaro

Devin Ryan

James Mitchell

Aidan Hall

Brennan Hawken

Alexander Jenkins

Alex Bond

Ben Rubin

- **Genmab** announced its intent to acquire **Merus** for approximately **USD 8.0 billion** in an all-cash transaction, with a purchase price of **USD 97.00 per share**.  **[1626115_6a355909deb94eac806ae4f6310491d6_0]** 
- The acquisition will add **petosemtamab**, a late-stage asset with two Breakthrough Therapy Designations for head and neck cancer, to Genmab's pipeline, with an initial launch anticipated in **2027**.  **[1626115_6a355909deb94eac806ae4f6310491d6_0]** **[1626115_6a355909deb94eac806ae4f6310491d6_1]** 
- The transaction is expected to be **accretive to EBITDA by the end of 2029**  **[1626115_6a355909deb94eac806ae4f6310491d6_0]** , with petosemtamab projected to achieve **at least one-billion-dollar annual sales by 2029**.  **[1626115_6a355909deb94eac806ae4f6310491d6_1]** 
- The tender offer is anticipated to close by **early in the first quarter of 2026** and will be funded through cash on hand and approximately **$5.5 billion of non-convertible debt financing**.  **[1626115_6a355909deb94eac806ae4f6310491d6_0]** **[1626115_6a355909deb94eac806ae4f6310491d6_2]**

Genmab to Acquire Merus

- Genmab will acquire Merus for **$97.00 per share** in an **all-cash transaction**, representing a total value of approximately **$8.0 billion**.  **[1626115_d84c00a83f75405d94019cfdd7f539d2_0]** **[1626115_d84c00a83f75405d94019cfdd7f539d2_1]** 
- The acquisition adds **petosemtamab**, a late-stage asset with two Breakthrough Therapy Designations, to Genmab’s portfolio, with an anticipated initial launch in **2027**.  **[1626115_d84c00a83f75405d94019cfdd7f539d2_0]** **[1626115_d84c00a83f75405d94019cfdd7f539d2_1]** **[1626115_d84c00a83f75405d94019cfdd7f539d2_2]** 
- The transaction is expected to be **accretive to EBITDA by the end of 2029** and will be funded through a combination of cash on hand and approximately **$5.5 billion** of non-convertible debt financing.  **[1626115_d84c00a83f75405d94019cfdd7f539d2_0]** **[1626115_d84c00a83f75405d94019cfdd7f539d2_3]** 
- The tender offer is anticipated to close by **early in the first quarter of 2026**.  **[1626115_d84c00a83f75405d94019cfdd7f539d2_1]**

Genmab to Acquire Merus for $97.00 Per Share

PJT Partners (PJT)