In a high-stakes gamble that could reshape the oncology landscape, Danish biotechnology powerhouse Genmab AS announced Monday it will acquire Dutch clinical-stage biotech firm Merus NV in a bold, all-cash deal worth roughly $8 billion. Advising the parties are some of the world’s legal heavyweights: Allen Overy Shearman Sterling and Kromann Reumert for Genmab, with Latham & Watkins LLP and NautaDutilh representing Merus.
The agreement sets the stage for Genmab to launch a tender offer for 100% of Merus’ shares, with the finish line expected in the first quarter of 2026, pending regulatory and customary conditions. Merus confirmed the deal requires at least 80% shareholder acceptance, though Genmab may lower the bar to 75% if conditions are met.
Boards Aligned, Strategy Clear
Both companies’ boards unanimously approved the transaction, a ringing endorsement of Genmab’s strategy to accelerate its shift toward a wholly-owned model. The acquisition aims to diversify revenue streams and reinforce Genmab’s march toward sustained, long-term growth.
