Merck to Acquire Verona Pharma in $10 Billion Deal, Adding COPD Treatment Ohtuvayre® to Its Pipeline
Thursday, July 10, 2025
Merck has announced plans to acquire Verona Pharma in a deal valued at approximately $10 billion.
Under the agreement, Merck will purchase Verona Pharma for $107 per American Depositary Share, with each ADS representing eight ordinary shares.
This acquisition will bring Ohtuvayre® (ensifentrine), a newly approved treatment for chronic obstructive pulmonary disease (COPD), into Merck’s growing cardio-pulmonary portfolio. Ohtuvayre is a first-in-class dual inhibitor of phosphodiesterase 3 and 4 (PDE3 and PDE4). It was approved by the US Food and Drug Administration in June 2024 for maintenance treatment of COPD in adults.
The therapy is the first novel inhaled treatment for COPD in over 20 years, offering both bronchodilator and non-steroidal anti-inflammatory benefits. It is also being studied for potential use in non-cystic fibrosis bronchiectasis.
The acquisition is expected to support Merck’s long-term strategy by strengthening its respiratory pipeline and offering additional revenue growth opportunities. Since the launch of Ohtuvayre in August 2024, the treatment has seen strong uptake in the US market. The addition of Verona Pharma’s capabilities is likely to enhance the commercial reach and development of the product.
Both companies’ boards have unanimously approved the transaction, which will be implemented through a UK scheme of arrangement. Completion remains subject to antitrust clearance, shareholder approval, and court sanction in the UK.
The deal is expected to close in the fourth quarter of 2025, with most of the purchase price to be recorded as an intangible asset and amortised over the product’s lifecycle in line with GAAP accounting practices.
Source: merck.com
