Genmab Acquires Merus for $8 Billion, Boosting Pipeline

29 September 2025

Key highlights

Genmab acquires Merus for $8 billion in an all-cash deal.
Petosemtamab, a late-stage asset, is added to Genmab's portfolio.
Transaction expected to boost EBITDA by 2029.
Initial launch of petosemtamab anticipated in 2027.

Acquisition Details

Genmab is set to acquire Merus for $97.00 per share, totaling approximately $8 billion in an all-cash transaction. The deal has been approved by both companies' boards and is expected to close by early 2026.

Strategic Fit

The acquisition will add petosemtamab, a late-stage asset with two Breakthrough Therapy Designations, to Genmab's portfolio. This aligns with Genmab's expertise in antibody therapy development and commercialization in oncology.

Financial Impact

The transaction is anticipated to be accretive to EBITDA by the end of 2029. Genmab plans to fund the acquisition through cash on hand and $5.5 billion in non-convertible debt financing.

Development and Launch Plans

Genmab aims to launch petosemtamab by 2027, subject to clinical results and regulatory approvals. The company plans to expand its development into earlier lines of therapy, with potential multi-billion-dollar annual revenue thereafter.

Source: Genmab