Another take-out – US large pharma Merck acquires Verona Pharma
Yesterday, Merck announced that it will buy portfolio company Verona Pharma for approximately 10 billion USD. The price of USD 107 per ADS corresponds to a bid premium of 23%. By acquiring Verona, Merck will gain access to its treatment for chronic obstructive pulmonary disease (COPD), a drug which has shown strong launch and sales development.
The drug, Ohtuvayre, is an inhaled, first-in-class, dual PDE3/PDE4 inhibitor. The steroid-free treatment has a broad label and is therefore likely to be used widely within COPD. Analysts expect the drug to generate multi-billion USD sales. It has been commercially available in the US since August 2024, achieving net sales of 71 MUSD by Q1 2025. Merck plans to further accelerate the launch through increased promotional efforts.
Merck expects synergies with its existing cardio-pulmonary portfolio.
This is one of several acquisitions undertaken by Merck to mitigate the impact of Keytruda losing its patent protection. Access to new products is key for Merck and other large pharmaceutical companies in similar situations, and we expect M&As to continue in the industry.
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