- Merck completed the acquisition of Verona Pharma for approximately $10 billion.
- Ohtuvayre, a first-in-class COPD treatment, is now part of Merck's portfolio.
- The FDA approved Ohtuvayre in June 2024 for COPD maintenance treatment.
- The acquisition will impact non-GAAP EPS by about $0.16 in the first year.

Acquisition Overview
Merck has completed its acquisition of Verona Pharma, making it a wholly-owned subsidiary. The transaction, valued at approximately $10 billion, involves the purchase of all outstanding shares of Verona Pharma at $107 per American Depositary Share (ADS).
Portfolio Expansion
This acquisition strengthens Merck's cardio-pulmonary portfolio with the addition of Ohtuvayre (ensifentrine), a first-in-class maintenance treatment for chronic obstructive pulmonary disease (COPD). Ohtuvayre is a selective dual inhibitor of phosphodiesterase 3 and 4 (PDE3 and PDE4), offering both bronchodilator and non-steroidal anti-inflammatory effects.
Regulatory Approval
The U.S. Food and Drug Administration approved Ohtuvayre in June 2024 for the maintenance treatment of COPD in adult patients. It is the first novel inhaled mechanism for COPD maintenance treatment in over 20 years and is also being evaluated for non-cystic fibrosis bronchiectasis.
Financial Impact
The acquisition will result in the capitalization of most of the purchase price as an intangible asset for Ohtuvayre, which will be amortized over the product's life. The transaction is expected to negatively impact non-GAAP EPS by approximately $0.16 in the first 12 months, due to costs associated with financing the acquisition, partially offset by Ohtuvayre's performance.