Merck & Co. has agreed to acquire London-based Verona Pharma for $10 billion, integrating Verona's Ohtuvayre, a first-in-class dual inhibitor of phosphodiesterase 3 and 4 approved for chronic obstructive pulmonary disease (COPD). Approved by the FDA in June 2024, Ohtuvayre is the first inhaled non-steroidal maintenance treatment for COPD in over two decades, showing rapid uptake and nearly doubling sales from Q4 2024 to Q1 2025. Verona's CEO highlighted the synergy expected from Merck's commercial capabilities to accelerate patient access. This acquisition aligns with Merck's strategy to diversify ahead of patent expirations on blockbuster drugs like Keytruda and follows previous multi-billion-dollar deals such as Acceleron Pharma and Prometheus Biosciences acquisitions. Analysts project peak sales potential exceeding $3 billion, making this the second-largest pharmaceutical acquisition in 2025 after Johnson & Johnson's Intra-Cellular purchase.