Hua Er Jie Jian Wen·2025-07-09 12:24Group 1 - Merck has agreed to acquire UK-based Verona Pharma for approximately $10 billion to diversify its revenue sources amid the impending patent expiration of its best-selling cancer drug, Keytruda [1][5] - Keytruda generated nearly $30 billion in sales last year, accounting for almost half of Merck's total revenue [1][4] - The acquisition price of $107 per share represents a 23% premium over Verona's closing price prior to the announcement, and both companies' boards have approved the transaction [1][6] Group 2 - Verona Pharma's core product, Ohtuvayre, was approved in the US last year for the treatment of chronic obstructive pulmonary disease (COPD) and is considered the first innovative inhalation mechanism drug for COPD in over 20 years [5][6] - Analysts expect Ohtuvayre's peak annual sales to reach at least $1 billion, with some forecasts suggesting it could exceed $4 billion [5] - The COPD market is experiencing renewed interest, with other pharmaceutical companies like Sanofi and GSK also launching new drugs [5]