RCS - Intnl. Biotechnology - Genmab to acquire IBT portfolio company Merus

International Biotechnology TrustAnnouncement

29/09/2025 13:30

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RNS Number : 2527B  Intl. Biotechnology Trust PLC  29 September 2025

INTERNATIONAL BIOTECHNOLOGY TRUST PLC ("IBT")

Genmab agrees to acquire IBT portfolio company Merus

 

IBT notes the announcement this morning
(https://ir.genmab.com/news-releases/news-release-details/genmab-acquire-merus-expanding-late-stage-pipeline-and)
regarding Genmab's and Merus' transaction agreement, under which Genmab will
acquire Merus for $97 per share in an all-cash transaction representing a
transaction value of approximately $8.0 billion.

Merus (https://merus.nl/)  is an oncology company developing innovative
full-length human bispecific and trispecific antibody therapeutics, referred
to as Multiclonics. Merus has a late-stage breakthrough therapy asset
petosemtamab, currently in Phase 3 development. Genmab is an antibody-focused
international biotechnology company with a 25-year track record.

This agreed offer represents a premium of approximately 41% over Merus'
closing stock price on 26 September 2025. As at close of business on that
date, Merus represents around 0.3% of IBT's Net Asset Value, as included in
IBT's regular daily NAV update
(https://www.londonstockexchange.com/news-article/IBT/net-asset-value-s/17253600)
earlier this morning.

Commenting on the news, Ailsa Craig and Marek Poszepczynski, portfolio
managers of IBT, said:

"Genmab's acquisition of Merus is IBT's 7(th) M&A deal for a holding in
our portfolio so far this year, and our 32(nd) since 2020, again reiterating
the benefit of IBT's investment strategy focusing on identifying potential
acquisition targets, as large pharmaceutical companies use M&A to
replenish their upcoming patent expiry pipelines. This deal again highlights
how oncology is a key theme driving biotech returns, while helping improve the
lives of millions of cancer patients each year.

"IBT's approach aims to pick potential M&A winners. While the timing of
acquisition activity can be harder to predict, clusters of activity can be
centred around key industry events as well as big pharma catching up with
competitors' acquisition decisions. With three deals in IBT's portfolio in
just over a week, we may be seeing a welcome flurry of activity, which has the
potential to gain momentum."

The updated valuation of IBT's holding in Merus will be included in IBT's NAV
as at close of business today, to be reported in the usual way tomorrow
morning, 30 September.

To sign up for IBT updates by email, please click here
(https://www.schroders.com/en-gb/uk/individual/never-miss-an-update/) .

ENDS

 

Enquiries:

 

 Schroder Investment Management Limited

 Kirsty Preston (PR)                                                  020 7658 6000

 Natalia de Sousa (Company Secretary)                                 020 7658 6000

 Kaso Legg Communications (Financial PR)                              IBT@kl-communications.com (mailto:IBT@kl-communications.com)

 Charles Gorman

 Henry Taylor

 Effie Aye Maung Hider

 

 

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