Merck & Co. has agreed to acquire Verona Pharma for approximately $10 billion, adding the inhaled dual inhibitor Ohtuvayre to its respiratory pipeline. Ohtuvayre, approved by the FDA in 2024 for chronic obstructive pulmonary disease (COPD), combines bronchodilator and anti-inflammatory mechanisms and has shown a strong commercial launch, with quarterly sales reaching over $70 million. This acquisition is part of Merck’s strategic effort to diversify beyond oncology revenues ahead of expiring patents on its blockbuster Keytruda drug. Verona is also evaluating Ohtuvayre in asthma and bronchiectasis indications. The deal is expected to close in Q4 2025.