Months after a successful cancer medication study, Merus consented to be purchased at a 41% premium.
The Utrecht, Netherlands-based Merus (MRUS) is being acquired by Danish-Dutch biotech Genmab (GMAB) (DK:GMAB) for $8 billion, or $97 per share.
Merus shares increased 38% in premarket U.S. trading, while Genmab shares fell 3% in Copenhagen trade.
A late-stage asset with two breakthrough treatment designations, petosemtamab, would be added to Genmab’s portfolio as a result of the purchase, the company said.
Patients with head and neck cancer may find that petosemtamab is a life-changing treatment. “We are certain that we will be able to unlock the promise of petosemtamab with our demonstrated track record of success, both in clinical development and in commercialization,” stated Jan van de Winkel, CEO of Genmab.
According to Genmab, petosemtamab may be first introduced in 2027, pending regulatory clearances and clinical outcomes.
According to Genmab, the medication might become a blockbuster as early as 2029, with sales of at least $1 billion.
The deal will be financed with $5.5 billion in debt and cash.
