Genmab's $97-Per-Share Tender Offer For Merus Clears Final Hurdles

Genmab Holding II B.V., the acquisition arm of Danish biotech giant Genmab A/S (GMAB), has successfully secured the necessary shareholder approvals for its $97 cash tender offer to acquire all outstanding shares of Merus N.V. (MRUS). The milestone represents a major step forward in the company’s strategy to establish full ownership of its portfolio while significantly enhancing its drug pipeline.

Record Shareholder Participation Signals Strong Deal Support

By the December 11 deadline at 5:00 p.m. ET, an overwhelming 71,463,077 shares—representing 94.2% of Merus’ outstanding equity—had been tendered into the offer. This exceptional participation rate reflects broad investor backing for the combination and demonstrates confidence in Genmab’s acquisition thesis.

The company has initiated a subsequent ten-day offering window spanning from December 12 through December 29 (5:00 p.m. ET), during which remaining shareholders can tender their shares at the identical $97 per share consideration. Genmab has committed to immediate settlement and acceptance for all shares submitted during this extended period.

Petosemtamab Anchors Strategic Rationale

At the core of this acquisition lies Merus’ most advanced clinical asset, petosemtamab, which Genmab projects will enter the commercial market by 2027. The company has articulated an ambitious revenue forecast, anticipating the candidate could generate more than $1 billion in annual sales within two years of launch. This acquisition fundamentally reshapes Genmab’s late-stage pipeline and underscores management’s confidence in the therapeutic potential of this lead program.

Market Response Reflects Optimism

Trading activity following the deal clearance demonstrated measurable investor interest in the combined entity. Genmab shares closed the regular session on December 12, 2025, at $32.30, an increase of $1.06 or 3.39% from the prior close. Extended-hours trading pushed the stock higher still, reaching $33.30 by 11:00 p.m. EST—a gain of approximately 3.10% in after-hours activity.

Following the conclusion of the subsequent offering period, Genmab intends to execute previously announced follow-on procedures to acquire any remaining untendered shares, with affected shareholders receiving appropriate compensation upon completion.

Disclaimer: The preceding analysis reflects market observations and should not be construed as investment advice or endorsement of any security.