What Verona Pharma does

Verona Pharma is a UK-based clinical-stage and now commercial-stage biopharmaceutical company founded in 2005, focused on developing and commercializing novel therapeutics for chronic respiratory diseases. The company's lead and only commercial product is Ohtuvayre (ensifentrine), a first-in-class, selective dual inhibitor of phosphodiesterase 3 and 4 (PDE3/PDE4) delivered via standard jet nebulizer. The mechanism combines bronchodilation (PDE3 inhibition) with anti-inflammatory activity (PDE4 inhibition) in a single inhaled molecule, addressing a long-standing unmet need in chronic obstructive pulmonary disease (COPD) patients who remain symptomatic despite existing maintenance therapy. Ohtuvayre received FDA approval in June 2024 for maintenance treatment of COPD in adult patients, making it the first novel mechanism approved for COPD maintenance in over two decades.\n\nThe company served respiratory specialists, pulmonologists, and the large U.S. COPD patient population through a focused, direct specialty sales force in the United States, with international expansion pursued via licensing partnerships — most notably the 2021 Nuance Pharma agreement covering Greater China, which yielded Hong Kong approval in March 2026. Verona Pharma's revenue mechanics are entirely driven by U.S. net product sales of Ohtuvayre through wholesale and specialty pharmacy distribution channels, with Q1 2025 net product sales of $71 million and equity-research-projected peak revenue in the $1-4 billion range.\n\nThe company had been publicly listed on NASDAQ (ticker: VRNA) and the London Stock Exchange (ticker: VRP) with a headcount of 101-250 employees prior to its acquisition by Merck & Co. for approximately $10 billion, effective October 7, 2025. Under Merck ownership, Verona Pharma operates as a subsidiary within Merck's respiratory franchise, with geographic operations spanning the United Kingdom, the United States, Ireland, and selected Asia-Pacific markets via partner Nuance Pharma. Two material debt facilities were raised during the standalone era: $150 million in October 2022 to extend runway ahead of NDA submission, and $400 million in January 2024 to fund commercial launch and U.S. sales infrastructure.

Name

Verona Pharma

Legal name

Verona Pharma plc

Website

https://veronapharma.com

Company type

Private

Founded year

2005

Operating status

Acquired

Headcount range

101–250 employees

Short description

Verona Pharma is a UK-based biopharmaceutical company that developed Ohtuvayre (ensifentrine), a first-in-class dual PDE3/PDE4 inhibitor approved by the FDA in June 2024 for COPD maintenance treatment. It was acquired by Merck & Co. for approximately $10 billion in October 2025.

Ownership category

akta.pro rank

Product category

Respiratory Pharmaceuticals

NAICS

Pharmaceutical Preparation Manufacturing (325412), Pharmaceutical and Medicine Manufacturing (3254)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Pulmonology & Allergy Specialty Pharmaceuticals (HLAIACAF)

akta.pro secondary industries

Respiratory & Allergy Pharmaceuticals (HLAIAAAH), Asthma & Allergy-Related Pulmonary Care (HLAKANAD)

Keywords

• Respiratory pharmaceuticals
• COPD treatment
• Inhaled therapeutics
• PDE inhibitors
• Biopharmaceutical products

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Supply Chain

Revenue model

1. Ohtuvayre (ensifentrine) Sales: Revenue generated from sales of FDA-approved COPD maintenance treatment Ohtuvayre (ensifentrine). The drug achieved $71 million in Q1 2025 sales prior to the Merck acquisition and is projected to reach $1-4 billion in peak annual revenue.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Verona Pharma develops and commercializes Ohtuvayre (ensifentrine), an FDA-approved inhaled dual PDE3/PDE4 inhibitor for maintenance treatment of chronic obstructive pulmonary disease (COPD) in adult patients. The product is the first novel inhaled mechanism for COPD in over 20 years, combining bronchodilator and non-steroidal anti-inflammatory effects in a single molecule. Following FDA approval in June 2024, the company built dedicated US commercial infrastructure and was subsequently acquired by Merck & Co. for approximately $10 billion in October 2025.

Product overview

Verona Pharma is a biopharmaceutical company focused on developing novel respiratory treatments. The company's portfolio centers on a single product, Ohtuvayre (ensifentrine), a first-in-class dual PDE3 and PDE4 inhibitor delivered via inhalation for COPD treatment. The technology platform enables bronchodilator and anti-inflammatory effects from a single molecule. Verona Pharma operates as a subsidiary of Merck & Co., Inc. following acquisition in October 2025.

Differentiator

Problem solved

Functional benefit

Brands

• Ohtuvayre: Ohtuvayre (ensifentrine) is an FDA-approved respiratory treatment for COPD maintenance therapy. It is the first novel inhaled mechanism for COPD treatment in over 20 years, combining bronchodilator and non-steroidal anti-inflammatory effects in a single molecule that inhibits both phosphodiesterase 3 (PDE3) and phosphodiesterase 4 (PDE4).
• Ensifentrine

Products and services

• Ohtuvayre (ensifentrine) FDA-approved inhaled maintenance therapy for the treatment of chronic obstructive pulmonary disease (COPD) in adult patients. Ohtuvayre is a first-in-class dual PDE3 and PDE4 inhibitor that combines bronchodilator and non-steroidal anti-inflammatory effects in a single molecule, providing a novel mechanism of action not seen in COPD treatment for over 20 years. It is indicated for adult patients requiring maintenance therapy and is distributed through US pharmaceutical channels.

Quantifiable outcome

• Ohtuvayre achieved $71 million in Q1 2025 sales
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Nuance PharmamajorOEM/ Whitelabel/ Licensing Partner · 1 January 2021Nuance Pharma holds a licensing agreement with Verona Pharma for Ohtuvayre (ensifentrine) in Greater China. Under this 2021 licensing agreement, Nuance Pharma received rights to develop and commercialize Ohtuvayre for COPD in Hong Kong, Macau, and China. The Hong Kong Drug Office approved Ohtuvayre in March 2026 under the '1+ mechanism' as the second regulatory approval outside the US.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Viatris: Viatris markets generic and branded respiratory products including Yupelri and other inhaled COPD therapies, serving as a broad incumbent in the respiratory pharmaceutical space with significant distribution scale.
• Chiesi Farmaceutici: Chiesi markets Foster (beclomethasone/formoterol) and other respiratory products globally, making it a broad incumbent in the inhaled respiratory market with overlapping therapeutic focus on COPD and asthma.
• United Therapeutics: United Therapeutics markets Tyvaso and other inhaled treprostinil products for pulmonary hypertension and PAH, operating in adjacent inhaled respiratory therapeutics with specialty pharma distribution.
• Novartis: Novartis has a respiratory portfolio including Ultibro and Seebri for COPD, and remains a broad incumbent with overlapping therapeutic categories though its respiratory focus has diminished post-Sandoz strategy.

Direct peers

• GlaxoSmithKline: GSK markets Trelegy Ellipta and Anoro Ellipta for COPD maintenance therapy, directly competing with Ohtuvayre in the same prescriber base and patient population. GSK is the established market leader in inhaled respiratory combinations.
• AstraZeneca: AstraZeneca markets Breztri Aerosphere and other inhaled COPD/respiratory therapies, competing head-to-head with Ohtuvayre in maintenance treatment. AZ is a top-tier respiratory player with deep pulmonology relationships.
• Boehringer Ingelheim: Boehringer Ingelheim markets Spiriva, Stiolto Respimat, and other leading COPD therapies, directly competing with Ohtuvayre in the long-acting bronchodilator market. BI is one of the largest respiratory pharma companies globally.

Emerging players

• Theravance Biopharma: Theravance Biopharma develops and commercializes respiratory therapies including Yupelri (revefenacin), competing in the COPD maintenance space with a focus on nebulized and inhaled delivery.
• Insmed: Insmed is developing brensocatib for bronchiectasis and has pipeline programs in respiratory disease, with overlapping R&D focus in chronic pulmonary conditions relevant to Verona's specialty pharma positioning.
• Tarsus Pharmaceuticals: Tarsus Pharmaceuticals commercializes Xdemvy for demodex blepharitis and has an emerging respiratory pipeline with mechanistic adjacency to Verona's specialty pharma respiratory focus.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/VeronaPharma

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries2 records

Funding overview

Funding rounds8 records

Investors29 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Verona Pharma