M&A · Healthcare · Pharmaceutical Preparations
Merck & Co., Inc. to acquire Verona Pharma plc
Announced Jul 9, 2025 · Closed Oct 7, 2025
Deal value$10.00BEV $10.00B
Premium23.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationNot disclosed$107.00 per share
Transaction
- Acquirer
- Merck & Co., Inc. (MRK)
- Target
- Verona Pharma plc
- Buyer type
- Strategic
- Offer price per share
- $107.00
- Enterprise value
- $10.00B
- Status
- Closed Oct 7, 2025
Deal protections
- Break fee (target pays)
- $100M · 1.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Citigroup, Morgan Stanley
- To the target
- Centerview
- Centerview fee
- $113M
Sector context · Healthcare
- Comparable deals
- 92 in the prior 24 months
- Premium
- 23.0% vs. 67.0% sector median
- EV / Adj. EBITDA
- Sector median 13.8x
- Break fee
- 1.0% vs. 3.5% sector median
Timeline
- AnnouncedJul 9, 2025
- Proxy filedAug 5, 2025
- Definitive proxyAug 18, 2025
- Shareholder voteSep 24, 2025
- ClosedOct 7, 2025
Valuation · fairness opinions
Trading comparables$57.25$100.70
Precedent transactions$90.20$140.00
Discounted cash flow$91.35$102.50
Precedent transactions$114.00$168.70
Precedent transactions$14.25$21.10
Offer $107.00
Implied value per Verona Pharma plc share by analysis, from Centerview · DCF discount rate 11%–13%.