Genmab to Acquire Merus for $8 Billion

Genmab has agreed to acquire Dutch biotech Merus in an all-cash transaction valued at $8 billion, paying $97 per share—a 41% premium to Merus's prior close. The purchase is intended to expand Genmab's late-stage oncology pipeline, notably Merus's head-and-neck cancer program, and to bolster the company ahead of expected loss of exclusivity for Darzalex IV. The deal is forecast to be accretive to Genmab's EBITDA by 2029. The acquisition is expected to close in early 2026. Merus shares rose sharply on the announcement while Genmab shares fell.