Merck Makes $10B Acquisition of Verona Pharma to Bolster Respiratory Portfolio

Merck is acquiring London-based Verona Pharma for $10 billion to strengthen its presence in the respiratory disease market and help offset expected revenue losses from the impending expiration of its Keytruda cancer drug patent123.

The main asset in the deal is Ohtuvayre (ensifentrine), a first-in-class maintenance treatment for chronic obstructive pulmonary disease (COPD), which received U.S. FDA approval in June 2024124.

Ohtuvayre is the first inhaled COPD treatment in over 20 years to target the condition with a new mechanism, combining bronchodilator and non-steroidal anti-inflammatory effects2.

Ohtuvayre's launch surpassed Wall Street expectations, with peak annual sales forecasted above $4 billion, and it is on track for the strongest COPD launch in history12.

Merck is paying $107 per Verona share, a 23% premium, making this one of its largest acquisitions in recent years13.

The transaction is expected to close in the fourth quarter of 2025, and analysts do not anticipate major antitrust hurdles24.

Sources:

1. https://www.statnews.com/2025/07/09/merck-verona-pharma-lung-disease-keytruda-patent-protection-losses/

2. https://www.biopharmadive.com/news/merck-verona-acquire-deal-copd-ohtuvayre/752545/

3. https://www.biospace.com/deals/merck-makes-big-respiratory-play-with-10b-acquisition-of-verona

4. https://www.merck.com/news/merck-to-acquire-verona-pharma-expanding-its-portfolio-to-include-ohtuvayre-ensifentrine-a-first-in-class-copd-maintenance-treatment-for-adults-and-expected-to-drive-growth-into-the-next-dec/