Merck & Co. has agreed to acquire London-based Verona Pharma for approximately $10 billion, securing rights to Ohtuvayre (ensifentrine), the first inhaled non-steroidal dual phosphodiesterase inhibitor approved for chronic obstructive pulmonary disease (COPD). The drug, launched in 2024, exceeded commercial expectations with rapid sales growth. Merck views the acquisition as a strategic move to diversify beyond its oncology blockbuster Keytruda and enhance its cardiopulmonary portfolio. Verona's pipeline includes ongoing trials for ensifentrine in other respiratory conditions such as asthma and bronchiectasis. The deal marks one of the largest biopharma transactions of the year, reflecting ongoing consolidation and expansion in respiratory therapeutics.