Danish biotechnology company Genmab A/S (CPH:GMAB) announced on Monday that it has agreed to acquire clinical-stage oncology company Merus N.V. (Nasdaq:MRUS) in an all-cash transaction valued at approximately USD8.0bn, or USD97.00 per share.

The agreement, unanimously approved by both boards, is expected to close in early 2026 through a tender offer by a Genmab subsidiary.

This acquisition brings petosemtamab, Merus' late-stage bispecific antibody with two FDA Breakthrough Therapy Designations, into Genmab's portfolio. The asset, currently in Phase 3 trials for head and neck cancer, is projected for a potential launch in 2027, pending regulatory approval.

According to Genmab, the addition of Merus will accelerate its shift to a wholly owned model, diversify revenues, and support multiple new drug launches by 2027. The company expects petosemtamab to reach at least USD1bn in annual sales by 2029, with multi-billion-dollar potential thereafter.

The USD97.00 per share offer represents a 41% premium over Merus' closing price on 26 September. Genmab plans to finance the deal through existing cash and USD5.5bn in debt, supported by a funding commitment from Morgan Stanley Senior Funding Inc. The transaction is not subject to financing conditions and remains contingent on customary approvals, including shareholder acceptance.