Verona Pharma (NASDAQ: VRNA) jumped over 20% after Merck (NYSE: MRK) announced it was buying the company for $10 billion, or $107 per American Depositary Share (ADS). VRNA stock currently trades at $104.77 per share and is up 484.33% in the past year. Merck wants to reduce its dependence on Keytruda through this acquisition.

Verona Pharma plc (NASDAQ:VRNA) is one of the 11 Best Mid-cap Healthcare Stocks to Buy According to Hedge Funds. Piper Sandler increased the price target on the company’s stock to $160 from $76, while maintaining an “Overweight” rating.

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Merck & Co. Inc. (NYSE:MRK) is one of the most undervalued NYSE stocks to buy now. On July 9, Merck announced its acquisition of UK-based Verona Pharma for ~$10 billion.

U.S. drugmaker Merck is nearing a deal worth about $10 billion to buy Verona Pharma, a company focused on therapies for lung diseases, the Financial Times reported on Wednesday. Merck will pay $107 per American depository share for Verona,