Merck & Co. has agreed to acquire London-based Verona Pharma for approximately $10 billion to enhance its respiratory disease portfolio with Verona’s inhaled COPD therapy, Ohtuvayre (ensifentrine). Approved by the FDA in June 2024, Ohtuvayre is the first inhaled maintenance treatment for COPD in two decades, combining bronchodilator and anti-inflammatory effects in a single molecule. The drug demonstrated robust commercial performance, with $71.3 million in net sales in Q1 2025, a 95% increase from Q4 2024. This acquisition, which is Merck’s largest since buying Prometheus Biosciences in 2023, aligns with the company’s strategy to offset revenue loss from Keytruda’s patent expiration. Verona is also advancing Ohtuvayre in trials for asthma, cystic fibrosis, and bronchiectasis, expanding potential indications for the therapy. The transaction anticipates closing in Q4 2025.