Merck agreed to acquire Verona Pharma for $107/ADS cash, total ~$10B transaction value. Adds Ohtuvayre, first-in-class PDE3/PDE4 inhibitor approved June 2024 for COPD maintenance, the first novel inhaled mechanism for COPD in over two decades. Closed Q4 2025. In Q1 2026 — the first full quarter under Merck — Ohtuvayre posted $131M in sales (down 26% sequentially) as a CMS reimbursement change and Medicare deductible resets weighed on the launch; Merck reported >1,600 new patient starts, a March prescription recovery, and expects H2 2026 acceleration.