Overview

• Merck’s $107-per-share offer represents a 23% premium over Verona’s prior closing price and values the deal at about $10 billion.
• Ohtuvayre, approved in June 2024 as a first-in-class inhaled dual PDE3/PDE4 therapy for COPD, is also being evaluated in trials for non-cystic fibrosis bronchiectasis.
• The drug’s initial commercial launch has outperformed forecasts, and analysts project peak annual sales exceeding $4 billion.
• Verona’s shares surged about 21% on the takeover announcement, while Merck’s stock rose modestly on the expanded lung-disease pipeline.
• The acquisition is slated to close in the fourth quarter of 2025 pending regulatory approval.