Merus logo

US Public Offering

USD 127 million
Lead manager
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Merus

Lead Manager

Kempen & Co acted as Lead Manager in Merus’ USD 127m Capital Increase

Transaction highlights

  • Capital increase of 4,438,597 new shares, approximately 11% of the total number of outstanding shares in Merus (incl. full exercise of underwriters’ option), at a price of USD 28.50 per share, resulting in USD 127 million of gross proceeds 
  • The transaction was launched following recently announced clinical data on MCLA-158, including clinical responses observed in advanced head and neck squamous cell carcinoma (HNSCC), as well as preclinical data and a regulatory update on lead asset zenocutuzumab
  • Merus plans to use the net proceeds primarily to advance the clinical development of Merus’ product candidates, for preclinical research and technology development, and for working capital and general corporate purposes
  • Following our involvement in Merus’ USD 120 million capital increase in January 2021 and USD 79 million capital increase in November 2019, Kempen & Co is proud to have assisted this repeat client once again 
  • Year to date in 2021, Kempen & Co has executed 22 transactions for European life sciences companies listed across Europe and in the US, totalling c. €2.2 billion

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. Its lead candidate, zenocutuzumab, currently in Phase I/II development and available via an Early Access Program, is a bispecific antibody with a HER2/HER3 target combination directed at NRG1 fusions, a rare driver of cancer cell growth. The company is headquartered in Utrecht, the Netherlands

Background Kempen Life Sciences & Healthcare

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

  • Joint Global Coordinator and Joint Bookrunner in the €31.5 million Euronext IPO by MaaT Pharma 
  • Co-Manager in the USD 460 million Capital Increase by Ascendis Pharma 
  • Joint Bookrunner in the SEK 324 million Capital Increase by Calliditas Therapeutics
  • Joint Global Coordinator & Joint Bookrunner in the SEK 380 million Capital Increase by Xbrane Biopharma
  • Joint Global Coordinator in the €34.1m Capital Increase by Transgene
  • Joint Global Coordinator & Joint Bookrunner in the SEK 141 million Capital Increase by Immunicum
  • Lead Manager in the USD 63.8 million Nasdaq Initial Public Offering by Molecular Partners
  • Joint Bookrunner in the SEK 301 million Capital Increase by Q-linea
  • Co-Manager in the USD 176 million Nasdaq Initial Public Offering by Achilles Therapeutics 
  • Joint Bookrunner in the €30.0 million Capital Increase by GenSight Biologics
  • Lead Manager in the USD 101 million Nasdaq Initial Public Offering by LAVA Therapeutics
  • Joint Bookrunner in the USD 120 million Nasdaq Initial Public Offering by European Biotech Acquisition Corp (EBAC)
  • Joint Bookrunner in the SEK 1.11 billion Capital Increase by Oncopeptides
  • Joint Global Coordinator and Joint Bookrunner in the SEK 962 million Capital Increase by BioInvent
  • Co-Manager in the USD 115 million US Public Offering by Y-mAbs Therapeutics
  • Co-Manager in the USD 115 million US Public Offering by Autolus Therapeutics
  • Joint Global Coordinator and Joint Bookrunner in the €22.5 million Capital Increase by Sequana Medical
  • Co-Manager in the USD 190 million Nasdaq Initial Public Offering by Pharvaris
  • Bookrunner in the USD 518 million US Public Offering by CureVac
  • Lead Manager in the USD 120 million US Public Offering by Merus 
  • Sole Financial Adviser in the sale of Galapagos’ service operation, Fidelta, to Selvita for a total consideration of €31.2 million
  • Joint Bookrunner in the SEK 564 million Capital Increase by Cantargia
  • Financial Adviser to DCprime in its merger with Immunicum 
  • Placement Agent in Investinor’s Secondary Sell-Down of c. 4 million shares in Calliditas Therapeutics

Contact

Nadine Maalouf
Robin van Wijk

Transactions