Merck To Acquire Verona Pharma and Expand its COPD Treatment Pipeline

Merck will acquire Verona for roughly $10 billion.

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Merck announced plans to acquire Verona Pharma for roughly $10 billion.¹ As part of the agreement between the two companies, Merck will add Verona’s COPD treatment Ohtuvayre to its cardio-pulmonary pipeline. FDA approved the drug in June of last year and is the first novel inhaled treatment for COPD in more than 20 years.

As part of the agreement, Merck will purchase each of Verona’s American Depository Shares for $107 (each of these shares represents eight ordinary shares in the company).

In a press release, Merck’s chairman and chief executive officer Robert M. Davis said, “This acquisition of Verona Pharma reflects the commitment we have to delivering innovative treatments to patients and our ability to execute on our science-led and value-driven business development strategy. Ohtuvayre complements and expands our pipeline and portfolio of treatments for cardio-pulmonary diseases while delivering near- and long-term growth as well as value for shareholders. This novel, first-in-class treatment addresses an important unmet need for COPD patients persistently symptomatic based on its unique combination of bronchodilatory and non-steroidal anti-inflammatory effects. We look forward to welcoming the talented Verona Pharma team to Merck.”

In the same press release, Verona Pharma’s president and chief executive officer David Zaccardelli added, “Today’s announced agreement with Merck is the culmination of years of focus and determination by the Verona Pharma team advancing Ohtuvayre, the first novel inhaled mechanism for the maintenance treatment of COPD in two decades. Since launching Ohtuvayre in August 2024 we have seen rapid and accelerating uptake in the U.S. We believe Merck’s commercial footprint and industry-leading clinical capabilities will help accelerate the potential of Ohtuvayre to reach more patients living with COPD. This agreement will enable the strong launch trajectory of this important medicine and provides value to Verona Pharma shareholders.”

This is Merck’s latest acquisition. In August of last year, the company announced plans to acquire Curon Biopharmaceutical’s B-cell associated diseases treatment CN201 for $700 million in cash.² In a press release issued at the time, Dr. Dean Y. Li, president of Merck Research Laboratories said, “We continue to identify opportunities to expand and diversify our pipeline. Early clinical data have provided robust evidence for the potential of CN201 to target and deplete circulating and tissue B cells with the potential to treat a range of malignant and autoimmune diseases.”

In the same press release, Curon’s president and chief executive officer Zhihong Chen also said, “This agreement reflects the drive and dedication of the Curon team. As a pioneer in immuno-oncology, Merck is well positioned to build upon the work done to-date and investigate the wide-ranging, first-in-class potential of CN201.”

Also, in May of last year, Merck announced plans to purchase all outstanding shares of EyeBio for about $3 billion.³ The deal included an upfront payment of $1.3 billion in cash. The acquisition added EyeBio’s lead candidate Restoret, a treatment for diabetic macular edema.

In a press release issued at the time, Dr. Li said, “We continue to execute on our science-led business development strategy to expand and diversify our pipeline. The EyeBio team, under the leadership of Dr. David Guyer and Dr. Tony Adamis, has a strong track record of developing groundbreaking ophthalmology therapies. By combining our strengths, we aim to advance with rigor and speed the development of their promising pipeline of candidates targeting retinal diseases.”

In the same press release, EyeBio board chair and managing partner of SV Health Investors Kate Bingham said, “Less than three years ago, EyeBio was hatched to translate Dr. David Guyer’s idea for a potential new therapy for retinal diseases into a reality. This agreement reflects the hard work of the talented EyeBio team, led by Dr. Guyer, who through this agreement have placed Restoret on a defined development path to patients.”

Sources

1. Merck to Acquire Verona Pharma, Expanding its Portfolio to Include Ohtuvayre® (ensifentrine), a First-In-Class COPD Maintenance Treatment for Adults and Expected to Drive Growth into the Next Decade. Merck. July 9, 2025. https://www.merck.com/news/merck-to-acquire-verona-pharma-expanding-its-portfolio-to-include-ohtuvayre-ensifentrine-a-first-in-class-copd-maintenance-treatment-for-adults-and-expected-to-drive-growth-into-the-next-dec/
2. Merck to Acquire Investigational B-Cell Depletion Therapy, CN201, from Curon Biopharmaceutical. Merck. August 9, 2024. Accessed July 9, 2025. https://www.merck.com/news/merck-to-acquire-investigational-b-cell-depletion-therapy-cn201-from-curon-biopharmaceutical/
3. Merck to Acquire EyeBio. Merck. May 29, 2025. Accessed July 9, 2025. https://www.merck.com/news/merck-to-acquire-eyebio/