M&A · Healthcare · Pharmaceutical Preparations
Genmab A/S to acquire Merus N.V.
Announced Sep 29, 2025 · Closed Dec 12, 2025
Deal value$8.00BEV $6.89B
Premium41.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$97.00 per share
Transaction
- Acquirer
- Genmab A/S (GMAB)
- Target
- Merus N.V. (MRUS)
- Buyer type
- Strategic
- Offer price per share
- $97.00
- Enterprise value
- $6.89B
- Status
- Closed Dec 12, 2025
Deal protections
- Break fee (target pays)
- $240M · 3.0%
- Reverse fee (buyer pays)
- $416M · 5.2%
- Go-shop
- No-shop
- Financing
- Committed · Morgan Stanley, Jefferies
Advisors
- To the acquirer
- PJT Partners, Morgan Stanley
- To the target
- Jefferies
- Jefferies fee
- $90.0M
Sector context · Healthcare
- Comparable deals
- 95 in the prior 24 months
- Premium
- 41.0% vs. 67.0% sector median
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- 3.0% vs. 3.3% sector median
Timeline
- AnnouncedSep 29, 2025
- Tender offerOct 21, 2025
- ClosedDec 12, 2025
Valuation · fairness opinions
Trading comparables$48.40$83.75
Precedent transactions$77.00$132.70
Precedent transactions$89.90$109.45
Offer $97.00
Implied value per Merus N.V. share by analysis, from Jefferies.