Merck & Co. struck a $10 billion deal to acquire Verona Pharma, expanding its portfolio with the COPD drug Ohtuvayre. The medication, an inhaled dual inhibitor of PDE3 and PDE4, combines bronchodilation with anti-inflammatory effects and has seen rapid sales growth since its 2024 FDA approval. The acquisition aligns with Merck's strategy to offset anticipated patent expirations on major oncology drugs. Verona's CEO anticipates Merck's commercial strength will accelerate Ohtuvayre's U.S. uptake. Industry analysts peg peak sales potential at $3 to $3.5 billion. The transaction is expected to close by Q4 2025.