Rahway-based Merck on Wednesday announced that it will acquire Verona Pharma approximately $10 billion.
Merck will pay $107 per American depository share for the London-based Verona, a premium of 23% to Verona’s last closing price on the Nasdaq. Verona’s U.S.-listed shares jumped 20% in premarket trading.
Through this acquisition Merck will add Ohtuvayre® which is for patients with chronic obstructive pulmonary disease, also known as “smoker’s lung.” Ohtuvayre is the first novel inhaled mechanism for the treatment of COPD in more than 20 years and combines bronchodilator and non-steroidal anti-inflammatory effects. Ohtuvayre is also being evaluated in clinical trials for the treatment of non-cystic fibrosis bronchiectasis.
“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,” Robert Davis, chairman and chief executive officer, Merck, said.
“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,” said David Zaccardelli, president and chief executive officer, Verona Pharma.
