Citi downgraded Merus (MRUS) to Neutral from Buy with a price target of $97, down from $101, after the company entered into an agreement pursuant to which Genmab (GMAB) will acquire all the shares of Merus for $97.00 per share in an all-cash transaction, representing a transaction value of $8.0B. The firm views the possibility of a competing bid as very low.
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