Drugmaker Merus drops on $300 mln stock offering

Merus NV

04/06/2025 11:24

**  U.S.-listed shares of Merus NV MRUS.O down 6.5% to $58.34 before the bell after follow-on priced

** Dutch biotech firm early Weds announced ~5.3 mln shares at $57 for $300 mln gross proceeds

** Offering priced at 8.7% discount to stock's last sale

** Co plans to use net offering proceeds to advance clinical development of its product candidates, for preclinical research and technology development, and for working capital among other purposes

** Through Tues close, MRUS shares surged 50% since May 22, when co said its lead candidate petosemtamab in combination with Merck's MRK.N Keytruda delayed progression of a type of head and neck cancer in a mid-stage trial

** Co has ~69.2 mln shares outstanding for $4.3 bln market cap

** Jefferies, BofA, Leerink, Guggenheim, Truist and LifeSci Capital are jt bookrunners for the offering

** All 17 analysts covering MRUS are bullish, including 7 "strong buy" ratings, with $88.50 median PT, latest LSEG data reflects

 (Lance Tupper is a Reuters market analyst. The views expressed are his own)

 ((lance.tupper@tr.com 1-646-279-6380))