October 7, 2025 — Leads & Copy — Merck (NYSE: MRK) has completed its acquisition of Verona Pharma plc (Nasdaq: VRNA), making Verona Pharma a wholly-owned subsidiary. Verona Pharma’s American Depositary Shares will no longer be listed on the Nasdaq Global Market.
The acquisition strengthens Merck’s cardio-pulmonary treatments with the addition of Ohtuvayre, according to Robert M. Davis, chairman and chief executive officer, Merck. Ohtuvayre is a first-in-class maintenance treatment for adult patients with COPD and exemplifies Merck’s business development strategy.
Through the acquisition, Merck adds Ohtuvayre (ensifentrine), a selective dual inhibitor of phosphodiesterase 3 and 4 (PDE3 and PDE4), to its cardio-pulmonary pipeline. The FDA approved Ohtuvayre in June 2024 for COPD maintenance treatment. Ohtuvayre is also being evaluated for non-cystic fibrosis bronchiectasis treatment.
Merck acquired all outstanding Verona Pharma shares for $107 per ADS, representing eight Verona Pharma ordinary shares, totaling approximately $10 billion.
The purchase price will be capitalized as an intangible asset for Ohtuvayre and amortized. The transaction is expected to negatively impact non-GAAP EPS by about $0.16 in the first 12 months.
Ohtuvayre is indicated for the maintenance treatment of chronic obstructive pulmonary disease (COPD) in adult patients.
Contraindicated in patients with hypersensitivity to ensifentrine or any component of this product.
Ohtuvayre should not be used for the relief of acute symptoms.
As with other inhaled medicines, Ohtuvayre may produce paradoxical bronchospasm, which may be life threatening.
Treatment with Ohtuvayre is associated with an increase in psychiatric adverse reactions.
The most common adverse reactions ≥1% in Ohtuvayre and greater than placebo in the pooled population were back pain 1.8%, hypertension 1.7%, urinary tract infection 1.3%, and diarrhea 1.0%.
More than 390 million people were estimated to be suffering from COPD worldwide as of 2019 and COPD is the fourth leading cause of death worldwide. There is no cure for COPD.
Ohtuvayre is the first inhaled therapy for the maintenance treatment of adults with COPD that combines bronchodilator and non-steroidal anti-inflammatory activities in one molecule.
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Source: Merck
