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May 2024
Lead Manager
USD 460 million
US Public Offering


Lead Manager

Van Lanschot Kempen acted as Lead Manager in the USD 460 million capital increase by Merus

Transaction highlights

  • Capital Increase of 8,682,500 common shares including overallotment option at a price of USD 53.00 per share, generating gross proceeds of USD 460 million for Merus at a discount of 3.4% to the pre-launch closing price
  • The transaction was launched on the back of interim Phase II data readout of Merus’ lead asset, petosemtamab, which, in combination with pembrolizumab, demonstrated clinically meaningful activity in first line head and neck cancer, with a 67% ORR, observed across tumour PD-L1 expression levels and HPV status together with a strong safety profile
  • Furthermore, the company announced that it plans to start a registrational Phase III trial of petosemtamab in combination with pembrolizumab in first line head and neck cancer by the end of 2024
  • Merus intends to use the proceeds to advance the clinical development of its product candidates, for preclinical research and technology development, and for working capital and general corporate purposes
  • Van Lanschot Kempen acted as the only European Bank in a US banking syndicate and is proud to have contributed to the most successful financing in the history of Merus

Company description

Merus is a clinical-stage oncology company developing innovative full-length human bispecific and trispecific antibody therapeutics, referred to as Multiclonics®. Multiclonics® are manufactured using industry standard processes and have been observed in preclinical and clinical studies to have several of the same features of conventional human monoclonal antibodies, such as long half-life and low immunogenicity.

Background Van Lanschot Kempen Life Sciences & Healthcare

  • Sole Financial Adviser to Pharming Group in the refinancing of its convertible bonds
  • Financial Adviser in the SEK 107 million Rights Issue by Alligator Bioscience
  • Co-Manager in the USD 350 million Capital Increase by Autolus Therapeutics
  • Financial Adviser to Galapagos in the EUR 170 million sale of its Jyseleca business to Alfasigma
  • Sole Financial Adviser to Zealand Pharma in securing a EUR 90 million venture debt facility from the European Investment Bank
  • Joint Global Coordinator & Joint Bookrunner in the SEK 59 million Capital Increase by Cantargia
  • Joint Global Coordinator & Joint Lead Bookrunner in the NOK 505 million Capital Increase by Nykode Therapeutics
  • Sole Financial Adviser in the SEK 120 million Structured Equity transaction by SynAct Pharma
  • Lead Manager in the USD 173 million Capital Increase by Merus
  • Lead Manager in the USD 1.3 billion Capital Increase by argenx
  • Joint Bookrunner in the SEK 500 million Capital Increase by Vicore Pharma
  • Financial Adviser to NewAmsterdam Pharma in the USD 182 million secondary sell-down by existing investors


Morgan Haller

Life Sciences & Healthcare

Mail Morgan Haller

Robin van Wijk Van Lanschot Kempen

Robin van Wijk

Equity Capital Markets
Nadine Maalouf Van Lanschot Kempen

Nadine Maalouf

Managing Director
Life Sciences and Healthcare
Kathrin Erfurth Van Lanschot Kempen

Kathrin Erfurth

Managing Director
Head of Equity Capital Markets

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