Copenhagen-based biotechnology company Genmab A/S (Nasdaq: GMAB) on Friday said that all conditions to its USD97-per-share cash tender offer for Dutch oncology company Merus NV (Nasdaq: MRUS) have been satisfied, enabling acceptance of the bid.

Genmab's wholly owned subsidiary, Genmab Holding II BV, accepted for payment all Merus shares validly tendered by the 11 December 2025 expiration time, representing 94.2% of outstanding common shares, and expects to pay for them promptly.

The acquisition is intended to accelerate Genmab's transition to a wholly owned model, expand and diversify revenue, and support the company's long-term growth strategy.

Genmab said the addition of Merus' lead asset, petosemtamab, strengthens its late-stage pipeline, with a potential launch targeted for 2027 subject to clinical results and regulatory approvals. The company plans to broaden and accelerate development of petosemtamab and expects the asset to be EBITDA-accretive following initial approval, with at least USD1bn in annual sales potential by 2029 and multi-billion-dollar potential thereafter.

A subsequent offering period of ten business days began on 12 December 2025, during which the Purchaser will acquire additional shares at the same USD97 price, less applicable withholding taxes and without interest.

Genmab and the Purchaser intend to acquire 100% of Merus through previously disclosed back-end transactions after the subsequent offering period, with remaining shareholders to receive payment at completion.