RTW Biotech Opp. - Genmab to acquire Merus

LEI: 549300Q7EXQQH6KF7Z84

30 September 2025

RTW Biotech Opportunities Ltd

Genmab to acquire Merus

RTW Biotech Opportunities Ltd (the "Company"), the London Stock Exchange-listed investment company focused on identifying transformative assets with high growth potential across the life sciences sector, is pleased to note the announcement by portfolio company Merus N.V. ("Merus" Nasdaq: MRUS) that it has entered into a definitive agreement to be acquired by Genmab A/S ("Genmab" Nasdaq: GMAB).

Genmab will acquire Merus in an all-cash transaction of $97 per share, totaling approximately $8 billion. The transaction is expected to close in the first quarter of 2026. The acquisition price represents a 41% premium to Merus' closing share price on 26 September, prior to the announcement. As of 31 August 2025, Merus represented 1.18% of the Company's NAV.

Merus is an oncology company developing full-length human bispecific and trispecific antibody therapeutics, whose lead asset petosemtamab will be a strategic fit with Genmab's portfolio and aligns with Genmab's expertise in antibody therapy development and commercialisation in oncology. Petosemtamab is a bispecific antibody with the potential to be both first- and best-in-class in head and neck cancer and has been granted two Breakthrough Therapy Designations by the FDA.

Rod Wong, CIO of RTW Investments, said, "The acquisition of Merus by Genmab is the third take-out from our portfolio this year, following the acquisitions of Verona and Alcyone announced in recent months. Separately, the read across from Pfizer's acquisition of Metsera (not a portfolio company) is particularly encouraging for our obesity assets, Corxel and Kailera, which represent a meaningful portion of NAV. These transactions reflect positive momentum across the sector. Large pharma companies urgently need to replace revenues that will be lost to patent expirations in the next several years. We're also seeing validation through data with another RTW Bio investment, uniQure, last week reporting positive results in Huntington's disease, sending its shares up 248% on the day. This combination of clinical progress and strategic interest gives us confidence in the direction of the portfolio and the opportunity ahead."

Merus' announcement can be found here.

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About RTW Biotech Opportunities Ltd:

RTW Biotech Opportunities Ltd (LSE: RTW) is an investment fund focused on identifying transformative assets with high growth potential across the biopharmaceutical and medical technology sectors. Driven by a long-term approach to support innovative businesses, RTW Biotech Opportunities Ltd invests in companies developing next-generation therapies and technologies that can significantly improve patients' lives. RTW Biotech Opportunities Ltd is managed by RTW Investments, LP, a leading healthcare-focused entrepreneurial investment firm with deep scientific expertise and a strong track record of supporting companies developing life-changing therapies.

Visit the website at www.rtwfunds.com/rtw-biotech-opportunities-ltd for more information.

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The information in this announcement may include forward-looking statements, which are based on the current expectations and projections about future events, and in certain cases can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target", "believe" (or the negatives thereon) or other variations thereon or comparable terminology. These forward-looking statements, as well as those included in any related materials, are subject to risks, uncertainties and assumptions about the Company and/or its underlying investments, including, among other things, the development of the applicable entity's business, trends in its operating industry, expected use of financing proceeds and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur.