On Jul. 9, 2025, pharmaceutical giant Merck is buying Verona Pharma, a company that focuses on respiratory diseases, in an approximately $10 billion deal.

The deal gives Merck access to Verona Pharma’s new chronic obstructive pulmonary disease medication Ohtuvayre. U.S. regulators approved the inhaled medication more than a year ago to treat chronic obstructive pulmonary disease, or COPD, in adults.

COPD is a progressive disease that can cause shortness of breath, coughing and other problems that make it hard to breathe, according to the National Institutes of Health. It is caused by damage to the airways or other parts of the lung and affects more than 14 million adults in the United States.

Ohtuvayre was launched last August as the first commercial product for London-based Verona Pharma. The drug also is being studied as a possible treatment for another chronic respiratory problem that gets worse over time: non-cystic fibrosis bronchiectasis.

The deal has been approved by the boards of both companies and is expected to close in the fourth quarter. But, it still needs Verona Pharma shareholder approval and sanction by the High Court of Justice of England and Wales.