Add-on Acquisition • Life Science

Genmab Acquires Merus

On September 29, 2025, Genmab acquired life science company Merus for 8.0B USD

Acquisition Context

This is Genmab’s 2nd transaction in the Life Science sector.
This is Genmab’s largest (disclosed) transaction.
This is Genmab’s 1st transaction in the Netherlands.

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M&A Deal Summary
Date	September 29, 2025
Target	Merus
Sector	Life Science
Buyer(s)	Genmab
Deal Type	Add-on Acquisition
Deal Value	8.0B USD
Advisor(s)	Jefferies (Financial) Latham & Watkins NautaDutilh (Legal)

Target Company

Merus

Utrecht, Netherlands

Merus BV is a fully-integrated biotechnology company developing cancer therapeutics that combine the benefits of monoclonal antibodies with the ability of simultaneously addressing multiple targets. Merus was founded in 2003 and is based in Utercht, Netherlands.

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Buyer Overview 1

Buyer

Genmab

Copenhagen, Denmark

Category	Company
Founded	1999
Sector	Life Science
Employees	2,639
Revenue	3.0B USD (2024)

DESCRIPTION

Genmab is an international biotechnology company using its antibody technology platform to offer bispecific T-cell engagers, next-generation immune checkpoint modulators, effector function-enhanced antibodies, and antibody-drug conjugates. Genmab was formed in 1999 and is headquartered in Copenhagen, Denmark.

Deal Context for Buyer	#
Overall	2 of 2
Sector: Life Science	2 of 2
Type: Add-on Acquisition	2 of 2
Country: Netherlands	1 of 1
Year: 2025	1 of 1
Size (of disclosed)	1 of 2

PREVIOUS DEAL

DATE	TARGET	DEAL TYPE	VALUE
2024-04-03	ProfoundBio Seattle, Washington, United States ProfoundBio is a clinical-stage biotechnology company developing next-generation ADCs and ADC technologies for the treatment of certain cancers, including ovarian cancer and other FRα-expressing solid tumors. ProfoundBio is based in Seattle, Washington.	Buy	$1.8B

DATE

TARGET

DEAL TYPE

VALUE

2024-04-03

ProfoundBio

Seattle, Washington, United States

ProfoundBio is a clinical-stage biotechnology company developing next-generation ADCs and ADC technologies for the treatment of certain cancers, including ovarian cancer and other FRα-expressing solid tumors. ProfoundBio is based in Seattle, Washington.

Buy

$1.8B

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