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Genmab (GMAB) investor relations material
Genmab M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Deal rationale and strategic fit
Acquisition accelerates shift to a fully integrated, wholly owned biotech model, reducing reliance on royalties and expanding the late-stage pipeline with high-potential assets.
Adds petosemtamab (PETO), a bispecific antibody with two FDA Breakthrough Therapy Designations, seen as a transformative, first-in-class therapy for head and neck cancer and other indications, aligning with innovation standards and long-term growth vision.
Strengthens position as an antibody-focused biotech leader, supporting the 2030 vision for patient impact and sustainable long-term growth.
Leverages expertise in development and commercialization, aiming for value capture and multiple new drug launches by 2027.
Financial terms and conditions
Offer price is $97 per share in cash, valuing the transaction at approximately $8 billion.
Funded through a mix of existing cash and $5.5 billion in new non-convertible debt, with no financing condition and commitment secured from Morgan Stanley Senior Funding, Inc.
Represents a 41% premium over the target's closing price on September 26, 2025, and a 44% premium over the 30-day VWAP.
Targeting gross leverage below 3.0x within two years post-close and rapid deleveraging by decade's end.
Transaction expected to close by early Q1 2026, subject to regulatory and shareholder approvals.
Synergies and expected cost savings
Addition of petosemtamab diversifies revenue streams, reduces dependence on royalties, and is expected to be accretive to EBITDA by end of 2029.
Integration of Merus's bispecific antibody platform complements existing technology, expanding the innovation toolbox and increasing scale and product ownership.
Petosemtamab anticipated to generate at least $1 billion in annual sales by 2029, with multi-billion potential thereafter.
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