Genmab A/S ADS

Genmab has successfully acquired 94.2% of Merus N.V.'s outstanding shares at $97 per share, adding petosemtamab to its portfolio and positioning itself for potential billion-dollar revenue by 2029.

Genmab agreed to acquire Merus for $97 per share in an all-cash transaction worth $8 billion, focusing on Merus' late-stage cancer treatment petosemtamab, with potential launch in 2027 and anticipated billion-dollar annual sales by 2029.

AbbVie reported strong Q2 results, beating estimates for earnings and sales. The company's ex-Humira drugs, such as Rinvoq and Skyrizi, performed well, offsetting the decline in Humira sales. AbbVie raised its 2024 guidance for earnings and sales, driven by the strong performance of its newer drugs.

Denmark's stock market closed higher on Friday, with the OMX Copenhagen 20 index gaining 1.01%. The top performers were NKT Holding, Pandora A/S, and Genmab, while the worst performers were AP Moeller - Maersk A/S and Carlsberg A/S.

The biotech stock's lead therapy is looking at some competition.