Merus Raises $ 300m through public offering

Merus has announced a public offering of 5.26m shares at $57 per share, an 8.6% discount to the previous close, to raise approx. $300 million in gross proceeds. The proceeds from the offering will fund clinical and preclinical development, technology advancement, and general corporate needs. Following strong ASCO 2025 data and a resulting share price increase, the transaction strengthens Merus' financial position beyond its solid 1Q25 cash position of $638m. We have raised the probability of success for petosemtamab in 1L HNSCC, prompting a TP increase from $59 to $66 while reiterating a Buy rating.