Pharmaceutical giant Merck is buying Verona Pharma, a company that focuses on respiratory diseases, in an approximately $10 billion deal.
With the acquisition, Merck gets access to Verona Pharma's chronic obstructive pulmonary disease medication Ohtuvayre. The Food and Drug Administration approved Ohtuvayre in June 2024 for the maintenance treatment of COPD in adults.
“Ohtuvayre complements and expands our pipeline and portfolio of treatments for cardio-pulmonary diseases while delivering near- and long-term growth as well as value for shareholders," Merck Chairman and CEO Robert Davis said in a statement.
"We believe Merck’s commercial footprint and industry-leading clinical capabilities will help accelerate the potential of Ohtuvayre to reach more patients living with COPD," Verona Pharma President and CEO David Zaccardelli said.
The deal, which was approved by the boards of both companies, is expected to close in the fourth quarter. It still needs approval of Verona Pharma shareholders and sanction by the High Court of Justice of England and Wales.