Key Facts
• July 9, 2025: Financial Times reports Merck nearing $10 billion deal for Verona Pharma.
• Verona Pharma specializes in lung disease treatments, including COPD drug “Ensifentrine.”
• Merck to pay $107 per ADS, a 23% premium over Verona’s previous closing price.
• Verona’s market capitalization is approximately $7.39 billion, per LSEG data.
• If finalized, this will be Merck’s largest acquisition since 2023.
• Merck aims to diversify revenue as Keytruda patent expirations begin in 2028.
• Verona’s Q1 2025 revenue: $76 million, with over 96% from Ensifentrine sales.
Summary
Merck, a leading U.S. pharmaceutical company, is reportedly close to acquiring UK-based Verona Pharma for approximately $10 billion, according to the Financial Times. Verona Pharma, known for its COPD treatment “Ensifentrine,” has a market capitalization of $7.39 billion. Merck plans to pay $107 per ADS, representing a 23% premium over Verona’s last closing price. This acquisition, if completed, would be Merck’s largest since 2023 and aligns with its strategy to expand revenue sources ahead of Keytruda’s patent expirations starting in 2028. Verona’s Ensifentrine accounted for over 96% of its $76 million Q1 2025 revenue.
