Merck & Co. has completed its $10-billion acquisition of Verona Pharma, a bio/pharmaceutical company focused on respiratory diseases, for $10 billion. The deal was announced in July 2025. 

Through this acquisition, Merck adds Ohtuvayre (ensifentrine), a selective dual inhibitor of phosphodiesterase 3 and 4 (PDE3 and PDE4), to its cardio-pulmonary pipeline and portfolio. The US Food and Drug Administration approved Ohtuvayre in June 2024 for the maintenance treatment of chronic obstructive pulmonary disease (COPD) in adult patients. Ohtuvayre is an inhaled therapy that combines bronchodilator and non-steroidal anti-inflammatory effects. Ohtuvayre is also being evaluated in clinical trials for the treatment of non-cystic fibrosis bronchiectasis, a chronic lung condition. A fixed-dose combination of ensifentrine and glycopyrrolate, a long-acting muscarinic antagonist, is currently under development for the maintenance treatment of COPD. 

Merck, through a subsidiary, acquired all outstanding shares of Verona Pharma for $107 per American Depository Share, each of which represents eight Verona Pharma ordinary shares, for a total transaction value of approximately $10 billion. 

Source: Merck & Co.