Merus

• Merus, an oncology company listed on US Nasdaq and developing innovative full-length multispecific antibodies and antibody drug conjugates, successfully secured USD 300 million in equity financing
• The equity raise of USD 300 million (which could increase to USD 345 million if the over-allotment option of 15% is exercised in full) was priced at USD 57.00 per share, representing a discount of 8.7% to the pre-launch closing price
• The transaction was launched on the back of interim Phase II data readout of Merus’ lead asset, petosemtamab, around ASCO. Petosemtamab in combination with pembrolizumab demonstrated clinically meaningful activity in first line head and neck cancer, with a 63% ORR, observed across tumour PD-L1 expression levels and HPV status together with a strong safety profile
• Merus currently intends to use the net proceeds from the offering to advance the clinical development of its product candidates, for preclinical research and technology development, and for working capital and general corporate purposes
• Merus’ capital increase represents one of the most sizable ECM transactions across European and US exchanges in the life sciences sector in 2025YTD
• Van Lanschot Kempen acted as the only European Bank in a US-dominated banking syndicate and is proud to have contributed for the sixth time to a successful Merus equity raise

In the last twelve months, Van Lanschot Kempen has successfully completed a large number of transactions in its Life Sciences & Healthcare franchise. Recent transactions include:

• Co-Placement Agent in DBV Technologies’ up to USD 307 million financing
• Placement Agent in MaaT Pharma’s €13 million capital increase
• Sole Financial Adviser in Pharming’s SEK 725 million public takeover of Abliva
• Sole Financial Adviser in GENFIT’s royalty financing up to €185 million
• Sole Financial Adviser in IO Biotech’s c. €58 million loan facility from the European Investment Bank
• Financial Adviser in the USD 479 million US Public Offering by NewAmsterdam Pharma
• Sole Financial Adviser to SNIPR Biome in securing a €20 million venture debt facility from the European Investment Bank
• Lead Manager in the USD 1 billion Capital Increase by Zealand Pharma
• Lead Manager in the USD 460 million Capital Increase by Merus