Genmab’s $3.5 Billion of Credit Facilities and Offering of $1.5 Billion Senior Secured Notes and $1 Billion Senior Unsecured Notes in Connection with its Acquisition of Merus

Cravath represented the administrative agent, joint lead arrangers and joint bookrunners in connection with $3.5 billion of credit facilities made available to Genmab, a leading international biotechnology company, and one of its wholly-owned subsidiaries, Genmab Finance LLC, as part of the financing transactions undertaken in connection with its acquisition of Merus N.V., a leading oncology company developing innovative antibody therapeutics. The credit facilities consisted of a $2 billion term loan "B" facility, a $1 billion term loan "A" facility and a $500 million revolving credit facility. The transaction closed on December 12, 2025.

Cravath also represented the initial purchasers in connection with the Rule 144A/Reg. S offering of $1.5 billion senior secured notes and $1 billion senior unsecured notes of Genmab and Genmab Finance LLC. The transaction closed on December 3, 2025.

The Cravath team included partners Craig F. Arcella, Isaac C. Beerman and Kelly M. Smercina, of counsel D. Ana Choi and associates Trevor Lutzow, Lauri Marjamaki, Gabriela Flores-Romo, Yeana Lee and Tiancheng Lyu on capital markets and financing matters; partner Arvind Ravichandran and associate Frederick Schemel on tax matters; partners Sasha Rosenthal-Larrea and David J. Kappos and associates Callum A.F. Sproule and M. Noa Ma on intellectual property matters; partner Matthew Morreale on environmental matters; partner Chris Medley and associate Amrit Singh Gill on non-U.S. collateral matters; practice area attorney Lauren Piechocki on real estate matters; and associate S. Celine Li on executive compensation and benefits matters. Helen T. Yang also worked on capital markets and financing matters.