Merck & Co. has completed a $10 billion acquisition of Verona Pharma, adding the fast-growing COPD drug Ohtuvayre to its cardio-pulmonary portfolio. This inhaled dual inhibitor of PDE3 and PDE4 offers both bronchodilation and anti-inflammatory effects, with a strong U.S. launch and $113.6 million in revenue through Q1 2025. Merck aims to leverage its commercial strength to drive broader adoption and offset patent expirations on key franchises. The deal is expected to finalize in Q4 2025, representing one of the year’s largest biopharma transactions and signaling Merck's strategic focus on respiratory and cardiometabolic diseases.