In a strategic move that strengthens our innovative pipeline of cardio-pulmonary treatments, MSD (tradename of Merck & Co., Inc., Rahway, N.J., USA) today announced it has entered into a definitive agreement to acquire, through a subsidiary, Verona Pharma, a UK-based biopharmaceutical company specialising in respiratory diseases.
Under the terms of the agreement, MSD will acquire Verona Pharma for $107 per American Depositary Share (ADS)—each representing eight ordinary shares—bringing the total transaction value to approximately $10 billion.
This acquisition aligns with MSD’s science-led business development strategy and reinforces its commitment to addressing unmet medical needs in cardio-pulmonary care.
“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,” said Robert M. Davis, chairman and chief executive officer, MSD.
“Today’s announced agreement with MSD is the culmination of years of focus and determination by the Verona Pharma team,” said David Zaccardelli, president and chief executive officer, Verona Pharma. “We believe MSD’s commercial footprint and industry-leading clinical capabilities will help accelerate the potential of Verona Pharma to reach more patients. This agreement will enable the strong launch trajectory of our portfolio of medicines and provides value to Verona Pharma shareholders.”
The transaction was unanimously approved by both the MSD and Verona Pharma Boards of Directors and is intended to be effected by way of a scheme of arrangement under UK law. Closing of the proposed acquisition is subject to approval under the Hart-Scott-Rodino Antitrust Improvements Act, approval of Verona Pharma shareholders, sanction by the High Court of Justice of England and Wales and other customary conditions. The transaction is expected to close in the fourth quarter of 2025.
GB-NON-11649 | July 2025