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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.
“Ohtuvayre complements and expands our pipeline and portfolio of
treatments for cardiopulmonary diseases while delivering near-
and long-term growth as well as value for shareholders," Merck &
Co. Inc. Chairman and CEO Robert Davis said in a statement.
Verona CEO David Zaccardelli added that Merck's commercial reach
can help Ohtuvayre reach more COPD patients.
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.
Merck plans to pay $107 for each Verona Pharma American
Depository Share, which represents eight of the company's
ordinary shares.
The deal announced Wednesday 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.
Shares of Rahway, New Jersey-based Merck climbed 25 cents to
$81.63 before markets opened Wednesday.
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