Merck Nears $10 Billion Deal for Drugmaker Verona, FT Says (3)

Merck & Co. is closing in on an approximately $10 billion deal to acquire respiratory drugmaker Verona Pharma, the Financial Times reported.

Merck would pay $107 per American depository share for the biotech company — a 23% premium to Tuesday’s closing price — the newspaper reported, citing unidentified people familiar with the matter.

Discussions are at an advanced stage and an agreement could be announced as soon as Wednesday barring any snags, the FT said, citing the people. The transaction values Verona at about $10 billion, it reported.

Verona’s American Depositary Receipts rose as much as 21% in premarket ...