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1. Company Snapshot

1.a. Company Description

Merus N.V., a clinical-stage immuno-oncology company, engages in the discovery and development of bispecific antibody therapeutics in the Netherlands.Its bispecific antibody candidate pipeline includes Zenocutuzumab (MCLA-128), which is in a phase 2 clinical trials for the treatment of patients with metastatic breast cancer, as well as in Phase 1/2 clinical trials for the treatment of solid tumors that harbor Neuregulin 1.The company is also developing MCLA-158, which is in a phase I clinical trial for the treatment of solid tumors; MCLA-145, which is in phase 1 clinical trials for the treatment of solid tumors; MCLA-129, which is in phase 1/2 clinical trials for the treatment of patients with advanced non-small cell lung cancer and other solid tumors; and ONO-4685 that is Phase 1 clinical trial to treat relapsed/refractory T cell lymphoma.


In addition, it has collaboration agreement with Betta Pharmaceuticals Co. Ltd for the research and development of stage bispecific antibody candidates include MCLA-129; and collaboration with Incyte Corporation for the development of MCLA-145.The company was incorporated in 2003 and is headquartered in Utrecht, the Netherlands.

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1.b. Last Insights on MRUS

Merus N.V.'s recent performance was driven by the announcement of Genmab A/S's acquisition of the company for $97.00 per share, representing a transaction value of approximately $8.0 billion. This deal, expected to close in early 2026, includes Merus's late-stage asset petosemtamab, which has two Breakthrough Therapy Designations. Additionally, Merus's Q2 2025 financial results showed a 63% response rate in a phase 2 trial for petosemtamab in combination with pembrolizumab. The company's innovative multispecific antibodies and antibody drug conjugates also contributed to its recent performance.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Merus N.V. $MRUS Shares Acquired by Ensign Peak Advisors Inc

Dec -01

Source: defenseworld.net

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Bicara Therapeutics: Intriguing Opportunity Given Rival Merus' $8B Buyout

Nov -25

Source: seekingalpha.com

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Merus and Halozyme Enter Global Collaboration and License Agreement to Develop Subcutaneous Formulation of Petosemtamab

Nov -17

Source: prnewswire.com

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$HAREHOLDER ALERT: The M&A Class Action Firm Continues To Investigate Merger--AL, HNI, SCS, and ODP

Nov -05

Source: prnewswire.com

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3 Investable Laggards In An Overbought Market

Oct -28

Source: seekingalpha.com

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Merus' Interim Data on Petosemtamab in Metastatic Colorectal Cancer Demonstrates Monotherapy Activity and Robust Response Rate in Combination with FOLFOX/FOLFIRI with Well Tolerated Safety

Oct -24

Source: globenewswire.com

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Merus N.V. (NASDAQ:MRUS) Given Consensus Recommendation of “Hold” by Analysts

Oct -24

Source: defenseworld.net

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Genmab Commences Tender Offer for All Issued and Outstanding Common Shares of Merus N.V.

Oct -21

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.30%)

6. Segments

Innovative Therapeutics

Expected Growth: 11.3%

Merus N.V.'s Innovative Therapeutics segment growth of 11.3% is driven by increasing adoption of bispecific antibodies, strong pipeline of novel oncology candidates, and strategic partnerships. Additionally, growing demand for targeted therapies, expansion into new markets, and investments in research and development are contributing to the segment's rapid growth.

7. Detailed Products

MCLA-117

A bispecific antibody targeting Lgr5 and EGFR, for the treatment of solid tumors

MCLA-128

A bispecific antibody targeting HER2 and HER3, for the treatment of breast cancer and gastric cancer

MCLA-158

A bispecific antibody targeting Lgr5 and EGFR, for the treatment of solid tumors

Zenocutuzumab (MCLA-128)

A bispecific antibody targeting HER2 and HER3, for the treatment of breast cancer and gastric cancer

Petosemtiv (MCLA-129)

A bispecific antibody targeting EGFR and c-MET, for the treatment of non-small cell lung cancer

8. Merus N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Merus N.V. is moderate due to the presence of alternative products in the market.

Bargaining Power Of Customers

The bargaining power of customers is low for Merus N.V. due to the company's strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate for Merus N.V. due to the presence of multiple suppliers in the market.

Threat Of New Entrants

The threat of new entrants is high for Merus N.V. due to the low barriers to entry in the market.

Intensity Of Rivalry

The intensity of rivalry is high for Merus N.V. due to the presence of several competitors in the market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 3.30%
Debt Cost 9.42%
Equity Weight 96.70%
Equity Cost 9.42%
WACC 9.42%
Leverage 3.41%

11. Quality Control: Merus N.V. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Genmab

A-Score: 5.9/10

Value: 3.7

Growth: 9.7

Quality: 9.4

Yield: 0.0

Momentum: 8.0

Volatility: 4.3

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Alkermes

A-Score: 5.2/10

Value: 4.4

Growth: 8.4

Quality: 8.9

Yield: 0.0

Momentum: 6.0

Volatility: 3.7

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Jazz Pharmaceuticals

A-Score: 4.9/10

Value: 5.6

Growth: 7.1

Quality: 2.4

Yield: 0.0

Momentum: 8.5

Volatility: 5.7

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Merus

A-Score: 3.7/10

Value: 6.0

Growth: 1.8

Quality: 4.6

Yield: 0.0

Momentum: 9.5

Volatility: 0.0

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CRISPR Therapeutics

A-Score: 3.3/10

Value: 6.6

Growth: 1.1

Quality: 3.8

Yield: 0.0

Momentum: 8.0

Volatility: 0.3

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Zealand Pharma

A-Score: 3.2/10

Value: 7.0

Growth: 2.2

Quality: 9.9

Yield: 0.0

Momentum: 0.0

Volatility: 0.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

96.14$

Current Price

96.14$

Potential

-0.00%

Expected Cash-Flows