年收入300亿美元“药王”专利临近到期，默沙东达成百亿美元收购交易

Core Viewpoint - The "patent cliff" is raising concerns among investors, particularly for Merck, which has seen its stock price drop over a third in the past year. The company urgently needs to find blockbuster drugs to fill the gap left by its leading cancer drug, Keytruda, which is facing patent expiration in 2028 [1][3]. Group 1: Merck's Acquisition Strategy - Merck announced the acquisition of Verona Pharma for approximately $10 billion, marking its first major acquisition of the year and the largest in nearly two years [3]. - The inhaled drug Ohtuvayre, developed by Verona Pharma for chronic obstructive pulmonary disease, has received FDA approval and is projected to generate $42.3 million in sales in 2024, with peak revenue potential of $3-4 billion by the mid-2030s [3]. - Merck's CEO Rob Davis indicated that the company is considering acquisitions in the range of $1 billion to $15 billion [3]. Group 2: Market Trends and Challenges - The pharmaceutical market has seen fewer large-scale acquisitions in the past year and a half compared to previous years, with 2023 being a peak year for biopharmaceutical transactions [4]. - Major pharmaceutical companies are increasingly focusing on innovative drugs from China, often acquiring smaller biotech firms or licensing deals, with transaction values typically ranging from $1 billion to $2 billion [4]. - Year-to-date, licensing deals between Chinese companies and U.S. or European partners have reached a total value of $35 billion [4]. Group 3: Patent Expiration Impact - Research firm Evaluate Pharma estimates that over $180 billion in annual sales from drugs will face patent expiration between 2027 and 2028, representing about 12% of the global pharmaceutical market [3]. - Major companies like Bristol-Myers Squibb and Pfizer are also grappling with the challenges posed by the expiration of their blockbuster drugs [3].