Genmab to buy Dutch cancer drugmaker Merus for $8 billion

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OSLO (Reuters) -Denmark’s Genmab has agreed to acquire Merus NV, a Nasdaq-listed Dutch biotech firm developing a head-and-neck cancer drug, for $8 billion in cash, the two companies said in a statement on Monday.

Genmab will pay $97 per share for Merus, the companies said, a 41% premium over Friday’s closing price in New York trade.

Merus is currently running two Phase 3 trials on the petosemtamab drug for head-and-neck cancer, with interim readouts of one or both trials anticipated in 2026 and potential market launch the following year, they said.

“It has the potential to significantly accelerate our evolution into a global biotechnology leader by providing durable growth for the company well into the next decade,” Genmab CEO Jan van de Winkel said in the statement.

“With our proven track record of success, both in clinical development and in commercialisation, we are confident that we will be able to unlock the promise of petosemtamab.”

The deal would add the treatment to Genmab’s late-stage pipeline of drug candidates, aligning with the Danish group’s expertise in antibody therapy development and commercialisation in oncology, the companies said.

“Following the closing of the transaction, Genmab will have four proprietary programs expected to drive multiple new drug launches by 2027,” the companies said in the statement.

The planned transaction was unanimously approved by the boards of directors of both companies, the groups said.

(Reporting by Terje Solsvik in Oslo and Rajveer Singh Pardesi in Bengaluru; Editing by Leslie Adler, Tom Hogue and Louise Heavens)