Genmab Announces Completion of Tender Offer for Outstanding Common Shares of Merus N.V. and Commencement of Subsequent Offering Period

Core Insights - Genmab A/S has successfully completed the tender offer to acquire all outstanding common shares of Merus N.V. for $97 per share, marking a significant step in its strategy to transition to a wholly owned model and enhance revenue diversification [1][4] - The acquisition is expected to bolster Genmab's position as a global biotechnology leader, particularly through the integration of Merus' lead asset, petosemtamab, which is anticipated to have a substantial impact on head and neck cancer treatment [2][3] - Genmab projects that petosemtamab will contribute to EBITDA with an annual sales potential of at least $1 billion by 2029, with expectations for multi-billion-dollar revenue potential thereafter [3][8] Transaction Details - As of the expiration time on December 11, 2025, 71,463,077 shares of Merus, representing 94.2% of its outstanding shares, were validly tendered [4] - A subsequent offering period of ten business days has been initiated, allowing additional shares to be purchased at the same price of $97 per share [5] - Following the completion of the subsequent offering period, Genmab plans to finalize the acquisition of 100% of Merus through additional transactions [6] Strategic Fit - The addition of petosemtamab aligns with Genmab's expertise in antibody therapy development and commercialization in oncology, enhancing its late-stage pipeline [3][8] - Genmab aims to launch petosemtamab in 2027, contingent on clinical results and regulatory approvals, with plans for further development in other therapeutic areas [3]