Shares of UK-based Verona Pharma soared to an all-time high following Merck’s confirmation of a $10 billion acquisition deal. Merck plans to pay $107 per American Depository Share (ADS)—a premium of around 23–24% over Verona’s closing price—underlining the strategic value of the deal .
The acquisition brings Ohtuvayre (ensifentrine) into Merck’s portfolio, a first-in-class inhaled treatment for chronic obstructive pulmonary disease (COPD) that combines bronchodilator and anti-inflammatory effects. FDA-approved in June 2024, it posted approximately $71 million in U.S. sales in Q1 2025, and is now undergoing trials for non-cystic fibrosis bronchiectasis .
Merck CEO Rob Davis highlighted that the deal bolsters their cardio-pulmonary pipeline and helps offset looming revenue challenges as patents on Keytruda expire. Completion of the merger is expected by Q4 2025, pending regulatory and shareholder approval . Verona’s stock leapt around 20–21%, while Merck’s rose 2–3% in response
