Merck & Co. has agreed to acquire London-based Verona Pharma for approximately $10 billion, marking its largest deal since 2023. Verona's FDA-approved inhaled drug Ohtuvayre (ensifentrine) is indicated for chronic obstructive pulmonary disease (COPD) and has seen a rapid commercial uptake, exceeding analyst forecasts with $71 million in Q1 2025 sales. The drug represents the first novel inhaled treatment for COPD in two decades, combining bronchodilator and non-steroidal anti-inflammatory actions. Merck aims to bolster its cardiopulmonary portfolio and offset impending patent losses on its blockbuster cancer drug Keytruda. Verona is also pursuing clinical trials of Ohtuvayre for other respiratory conditions, including asthma and bronchiectasis.