Merck & Co. announced a $10 billion acquisition of London-based Verona Pharma, securing the fast-growing inhaled therapy Ohtuvayre (ensifentrine) for chronic obstructive pulmonary disease (COPD). Approved by the FDA in June 2024, Ohtuvayre combines bronchodilator and non-steroidal anti-inflammatory effects and has demonstrated a robust commercial launch with $71.3 million in Q1 2025 revenue, nearly doubling the prior quarter. The deal significantly expands Merck’s cardio-pulmonary pipeline as it anticipates key patent expirations on its blockbuster oncology treatments. Verona’s ongoing clinical trials for conditions like bronchiectasis further contribute to the asset’s long-term potential. The acquisition marks Merck’s largest since 2023 and is the second-largest pharma deal of 2025, following J&J’s Intra-Cellular acquisition. Industry analysts see peak sales for Ohtuvayre in the $3–4 billion range, underscoring Merck’s strategic investment in respiratory medicine.