Merck & Co.’s $10 billion acquisition of Verona Pharma secures rights to Ohtuvayre, a novel inhaled PDE3/4 inhibitor approved for chronic obstructive pulmonary disease (COPD). Despite the principal patent expiry in 2020, Merck is confident in its patent estate extending protection to the mid-2030s. Ohtuvayre has demonstrated rapid sales growth post-launch and represents a new class of bronchodilators with potential blockbuster status. Merck’s CEO emphasized a strong intellectual property position to ensure market exclusivity during commercial expansion.