Merck to Acquire Verona Pharma in $10 Billion Deal

• Merck will acquire Verona Pharma in a $10 billion transaction to expand its cardio-pulmonary portfolio.

• The acquisition includes Ohtuvayre®, a newly approved COPD treatment with dual-action therapeutic effects.

Merck, known as MSD outside the United States and Canada, has announced a definitive agreement to acquire Verona Pharma plc for $107 per American Depository Share, representing a total transaction value of approximately $10 billion. The move strengthens Merck’s cardio-pulmonary pipeline by adding Ohtuvayre®, a first-in-class dual PDE3 and PDE4 inhibitor for chronic obstructive pulmonary disease (COPD).

Approved by the U.S. FDA in June 2024, Ohtuvayre is the first novel inhaled COPD treatment in over two decades. It combines bronchodilation with non-steroidal anti-inflammatory effects and is currently under clinical investigation for non-cystic fibrosis bronchiectasis.

Robert M. Davis, chairman and CEO of Merck, said: “This acquisition of Verona Pharma reflects the commitment we have to delivering innovative treatments to patients and our ability to execute on our science-led and value-driven business development strategy.”

Verona Pharma launched Ohtuvayre in the U.S. in August 2024. CEO David Zaccardelli noted the therapy’s early market traction and expressed confidence that Merck’s commercial and clinical capabilities would accelerate patient access and enhance the product’s trajectory.

The acquisition, approved unanimously by both companies’ boards, is expected to close in the fourth quarter of 2025, subject to regulatory and shareholder approvals, as well as court sanction under UK law.