The pace of M&A in the pharma sector this year has picked up once again, with MSD agreeing a takeover offer for respiratory medicine specialist Verona Pharma that values the company at around $10 billion.

今年，制药行业的并购步伐再次加快，默沙东同意以约100亿美元的估值收购呼吸药物公司Verona Pharma。

MSD – known as Merck & Co in the US and Canada – said it expects the acquisition to complete before the end of the year, allowing it to take control of Verona and its first-in-class therapy for chronic obstructive pulmonary disease (COPD).

默沙东公司（MSD）——在美国和加拿大被称为默克公司（Merck & Co.）——表示，预计此次收购将在年底前完成，这将使其能够掌控维罗纳及其用于治疗慢性阻塞性肺病 (COPD) 的一流疗法。

The dual phosphodiesterase (PDE) 3/4 inhibitor, Ohtuvayre (ensifentrine), was approved by the FDA a year ago, becoming the first inhaled product with a novel mechanism of action available for the maintenance treatment of COPD in more than 20 years.

一年前，双重磷酸二酯酶（PDE）3/4抑制剂Ohtuvayre（ensifentrine）获得FDA批准，成为过去20多年来首个用于COPD维持治疗的具有全新作用机制的吸入产品。

Billed as a future blockbuster, it has already made inroads into the market, with sales nearly doubling in the first three months of 2025 from the last quarter of 2024, reaching $71 million as marketing applications in Europe and China move towards regulatory decisions.

被标榜为未来的重磅炸弹，它已经打入了市场，2025年前三个月的销售额比2024年第四季度几乎翻了一番，达到7100万美元，因为其在欧洲和中国的营销应用正走向监管决策。

With an additional indication in bronchiectasis in mid-stage testing and a combination product for COPD based on ensifentrine and glycopyrrolate also in the pipeline, analysts have suggested sales of the franchise could be in the $1 billion to $2 billion range by the end of the decade, potentially hitting as much as $4 billion at peak..

随着中期测试中支气管扩张适应症的增加，以及基于ensifentrine和glycopyrrolate的COPD组合产品也在研发管线中，分析师预计该专营权的销售额到本十年末可能达到10亿至20亿美元，峰值时甚至可能高达40亿美元。

The acquisition –  which will see MSD pay $107 for each American Depository Share (ADS) in UK-headquartered Verona – is the biggest by the US big pharma group since it bought immunology drug developer

这项收购——默沙东将为总部位于英国的维罗纳每股美国存托凭证（ADS）支付107美元——是这家美国大型制药集团自收购免疫药物开发商以来的最大一笔交易。

Prometheus Biosciences

普罗米修斯生物科学公司

for $10.8 billion in 2023.

2023年以108亿美元。

MSD has been snapping up pipeline assets through acquisitions and licensing deals in the last few years as it prepares for the loss of patent protection for its $29.5 billion cancer immunotherapy blockbuster Keytruda (pembrolizumab), which accounted for just under half (46%) of the group's global sales last year..

默沙东近年来通过收购和授权交易不断购入在研资产，为旗下295亿美元的癌症免疫疗法重磅药物Keytruda（pembrolizumab）专利保护到期做准备。去年，该药物占公司全球销售额的近一半（46%）。

Adding Ohtuvayre to its portfolio will provide a near-term growth driver as MSD prepares for the loss of Keytruda's market exclusivity in key markets from 2028 onwards, and also add to a growing respiratory disease portfolio at the company.

将奥特瓦尔纳入其产品组合，将为默克公司在关键市场从2028年起失去Keytruda市场独占权之际提供短期增长动力，同时也将壮大该公司日益扩展的呼吸系统疾病产品线。

Last year, MSD claimed FDA approval for pulmonary arterial hypertension (PAH) treatment

去年，MSD声称其肺动脉高压（PAH）治疗获得了FDA的批准。

Winrevair

温瑞尔

(sotatercept), another would-be blockbuster that it bolted on via the 2021 acquisition of Acceleron Pharma for $11.5 billion.

（索塔特雷普），这是另一款潜在的重磅药物，通过2021年以115亿美元收购Acceleron制药公司而纳入旗下。

MSD chief executive Robert Davis said earlier this year that he sees acquisitions up to $15 billion in value as the 'sweet spot' for the company and, while he reckons it is well-prepared for the loss of Keytruda exclusivity, he added: 'We have always said we do believe we need to do more to continue to augment the pipeline we've built.'.

默沙东首席执行官罗伯特·戴维斯今年早些时候表示，他认为价值高达150亿美元的收购是公司的“最佳选择”，同时他表示尽管公司已经为可瑞达（Keytruda）失去独占权做好了充分准备，但他补充道：“我们一直认为，我们需要做更多工作来继续充实目前已建立的研发管线。”