NEW YORK, December 31, 2025, 11:38 ET — Regular session
Genmab A/S (GMAB) shares slid on Wednesday, down about 3.3% at $30.44 in New York trading, as investors weighed a late-stage pipeline cut and the closing steps of a major acquisition. The Nasdaq-listed ADR touched $30.36 after opening at $31.42.
Genmab said on Dec. 29 it will discontinue further clinical development of acasunlimab following a portfolio review and said the move does not change its full-year 2025 financial guidance. “Although the data have been encouraging, the compelling opportunities we see in our late‑stage pipeline led us to focus our investments,” CEO Jan van de Winkel said. 1
On the deal front, a Merus N.V. filing dated Dec. 30 said Genmab’s subsidiary bought Merus shares for $97 each in a tender offer, a takeover mechanism that asks shareholders to sell directly to the buyer. The filing said Merus requested Nasdaq halt trading and delist the stock after a back-end merger used to cash out remaining holders. 2
The developments matter because late-stage oncology assets typically carry the bulk of a biotech’s value: they are closest to potential regulatory filings and commercial revenue. Walking away from a Phase III-ready program can free up cash and management attention, but it forces the market to re-price the remaining pipeline.
Acasunlimab is a bispecific antibody—designed to bind two targets at once—that was being tested in solid tumors including metastatic non-small cell lung cancer after partner BioNTech opted not to continue studying it, Reuters reported. Genmab said it will instead prioritize EPKINLY, petosemtamab and rinatabart sesutecan, and noted the decision does not affect its 2025 outlook. Rinatabart sesutecan is an antibody‑drug conjugate, which links an antibody to a cancer-killing payload. 3
With Merus now folded in, investors will focus on whether the acquired oncology pipeline can deliver clinical data on schedule after Genmab’s portfolio reshuffle. The market tends to punish delays in late-stage studies, where the next update can reset expectations quickly.
Traders are also watching for further detail on the costs of winding down the discontinued program and how Genmab redeploys researchers and cash across its late-stage lineup. Any hint of a broader pruning cycle would raise questions about how durable the remaining growth profile is.
The decision also underscores how competitive immune-oncology has become, with drugmakers increasingly trimming programs that may struggle to stand out in crowded targets. That can be a positive signal on discipline, but it can also leave fewer shots on goal.
Technically, the ADR is hovering around the $30 level, a key round-number support that chart-focused traders tend to monitor. A break lower could draw momentum selling; a bounce would suggest investors are willing to look past the pipeline cut.
Next up is quarterly reporting. MarketScreener’s corporate events calendar lists Feb. 5 as Genmab’s Q4 2025 earnings release, when investors will look for updated spending plans and pipeline timelines. 4
