Source: Sharecast
Verona Pharma, whose ADR shares trade on the Nasdaq, is being taken over for $107 each, up from Tuesday's closing price of $86.86, causing the share price to surge 21% in early deals on Wall Street.
According to Merck, the acquisition aligns its science-led business development strategy and expands its pipeline and portfolio of treatments for cardio-pulmonary diseases.
Verona is known for its Ohtuvayre treatment (otherwise known as ensifentrine), which is a first-of-its-kind selective dual inhibitor of phosphodiesterase 3 and 4 (PDE3 and PDE4), used in the treatment of chronic obstructive pulmonary disease in adults.
Approved by the FDA last summer, Ohtuvayre is said to be the first novel inhaled mechanism for the treatment of COPD in more than 20 years.
“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 Merck's chief executive and chair Robert Davis.
“Ohtuvayre complements and expands our pipeline and portfolio of treatments for cardio-pulmonary diseases while delivering near- and long-term growth as well as value for shareholders."