Oncology company Merus to be acquired by Genmab for a 41% premium
Danish biotech Genmab to pay USD 8 billion to add Merus’ bispecific antibodies to their platform
On 29 September, Merus, a long-term Arctic Aurora LifeScience conviction holding, announced that it would be acquired by another portfolio company, Genmab, for USD 8 billion, representing a 41% premium to the previous closing price.
Merus develops highly specific antibodies that can bind to two or more targets, known as multi- and bispecific antibodies. Its first drug, Bizengri, was approved in 2024 for a niche patient population with lung or pancreatic cancer harbouring a specific gene mutation.
The main value driver of the stock has been petosemtamab, a bispecific antibody that has delivered outstanding results in the treatment of head and neck cancer. In the latest trial, the combination of petosemtamab and the blockbuster cancer drug Keytruda almost doubled the response rate and progression-free survival compared to Keytruda combined with chemotherapy.
This deal is attractive from a strategic perspective for both Merus and Genmab. Genmab is a fellow pioneer in the field of multispecific antibodies, with multiple commercial products; their technology platforms therefore offer significant operational synergies. Through this deal, Merus gains a larger, more diversified partner, which could be beneficial as their pipeline matures and they progress towards the approval and commercialisation of petosemtamab. Meanwhile, Genmab is generating healthy cash flows from its approved products and aims to use this cash to enhance its pipeline and transition from a partnership-based model to one of wholly owned assets in the future, following recent setbacks.
In conclusion, this deal benefits both parties and further validates the stock selection process of the Arctic Aurora LifeScience portfolio management team, which has a long track record of identifying future acquisition candidates in the biotech sector.
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