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Verona Pharma plc (NASDAQ:VRNA) is one of the 10 Stocks Going Wild.
Verona Pharma surged by 20.62 percent on Wednesday to end at $104.77 per share following news that it was being acquired by US-based pharmaceutical company Merck for $10 billion.
In a statement, Merck said that it entered into a definitive agreement with Verona Pharma plc (NASDAQ:VRNA), under which the former, through its subsidiary, will acquire the company’s American Depositary Shares at a price of $107 apiece.
“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 Chairman and CEO Robert Davis.
For his part, Verona Pharma plc (NASDAQ:VRNA) President and CEO David Zaccardelli said that the agreement “is the culmination of years of focus and determination by the Verona Pharma team advancing Ohtuvayre, the first novel inhaled mechanism for the maintenance treatment of COPD in two decades.”
“Since launching Ohtuvayre in August 2024, we have seen rapid and accelerating uptake in the US. We believe Merck’s commercial footprint and industry-leading clinical capabilities will help accelerate the potential of Ohtuvayre to reach more patients living with COPD. This agreement will enable the strong launch trajectory of this important medicine and provide value to Verona Pharma shareholders,” he noted.
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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.
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