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Biotech company Genmab announced Sept. 29 it entered into an agreement to acquire all shares of Merus. The all-cash transaction is worth approximately $8 billion. 

Genmab is an international biotechnology company based in Denmark with its U.S. headquarters in Plainsboro. The target is an oncology company headquartered in The Netherlands. Its U.S. headquarters is in Cambridge, Mass. 

Merus’ late-stage breakthrough therapy asset is in Phase 3 development, according to the companies. Petosemtamab targets treatment of head and neck cancer. In February, the U.S. Food and Drug Administration granted the medication breakthrough therapy designation.

“The proposed acquisition of Merus clearly aligns with our long-term strategy. 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,” said Genmab President and CEO Jan van de Winkel said in statement. 

“Petosemtamab has the potential to be a transformational therapy for patients living with head and neck cancer. With our proven track record of success, both in clinical development and in commercialization, we are confident that we will be able to unlock the promise of petosemtamab,” van de Winkel added. 

Approved by both boards of directors, the deal is expected to close in the first quarter of 2026. The agreement calls for Genmab to acquire Merus for $97 per share. 

Closing in on cancer

Following the closing, Genmab will have four proprietary programs expected to drive multiple new drug launches by 2027, the company noted. 

“We are excited for the opportunity to join Genmab, a leader in antibody therapeutics, to further develop and bring petosemtamab to patients,” added Dr. Bill Lundberg, president and CEO of Merus. “I’m immensely proud of the Merus team who have pioneered our foundational platform technologies to make better medicines and who have demonstrated … an ability to deliver on our promise to close in on cancer.” 

In July, Genmab celebrated the grand opening of its expanded U.S. site at the Princeton Forrestal Innovation Center. 

“This expansion positions us to sustainably grow our workforce in a way that supports our pipeline, capabilities and long-term ambitions,” Chris Cozic, Genmab’s executive vice president and chief people officer, told NJBIZ at that time.