[Form 4] Verona Pharma plc Insider Trading Activity

Rhea-AI Filing Summary

Andrew Fisher, General Counsel of Verona Pharma plc (VRNA), reported transactions tied to a Scheme of Arrangement that became effective on 10/07/2025. Each American Depositary Share (ADS) represented eight ordinary shares and ADS holders were entitled to $107 in cash per ADS as consideration. Time-based and performance RSU awards were treated as fully vested and converted into cash rights equal to the ADS consideration. Certain share options with exercise prices below the ADS consideration were converted into cash based on the excess of the $107 ADS price over the exercise price; following the transactions the reporting person holds 618,760 ordinary-share-equivalent RSUs but reports 0 direct ordinary shares and 0 outstanding options.

Positive

• All RSU and PRSU awards accelerated and converted to cash at $107 per ADS, providing immediate value to holders
• Performance metrics were deemed achieved for PRSUs, resulting in cash payouts rather than forfeiture

Negative

• Reporting person reduced direct equity to zero (0 ordinary shares reported following transactions), removing ongoing share ownership
• Options were converted/cashed out and show zero remaining optioned shares, eliminating future upside tied to stock performance

Insights

Corporate Governance Counsel

TL;DR: Insider holdings and awards were cashed out under a takeover scheme, altering ownership and incentive alignment.

The transactions reflect implementation of a takeover via a Scheme of Arrangement where equity awards—including time-based RSUs and earned PRSUs—were accelerated and converted into cash at the per-ADS consideration of $107. The reporting person shows zero direct ordinary shares and options post-transaction while retaining RSU-derived cash rights for 618,760 underlying ordinary-share equivalents.

The governance consequence is a material change in equity exposure: directors and officers moved from share ownership to cash proceeds, which removes ongoing equity incentives tied to stock performance. Watch any post-close retention arrangements or new equity grants in the next 12 months for alignment changes.

Compensation & Equity Analyst

TL;DR: Award acceleration and option cashouts produced immediate realized value for insider awards under deal terms.

Per the Transaction Agreement terms, unvested awards were treated as vested immediately prior to the Effective Time and converted into cash at the ADS consideration. Performance RSUs were deemed earned and converted, and share options with exercise prices below the ADS consideration were cashed out, producing a cash entitlement rather than ongoing equity upside.

Quantities to note include 2,240,000 option shares converted and reported as disposed and 931,984 ordinary-share equivalents received then disposed; monitor subsequent filings for tax-withholding settlement amounts and any replacement awards disclosed within 12 months.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Fisher Andrew

(Last) (First) (Middle)

3 MORE LONDON RIVERSIDE

(Street)

LONDON X0 SE1 2RE

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Verona Pharma plc [ VRNA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
10/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Ordinary Shares(1)	10/07/2025		D		417,903	D	(2)(3)(4)	0	D
Ordinary Shares(1)	10/07/2025		M		931,984	A	(4)(6)	931,984	D
Ordinary Shares(1)	10/07/2025		D		931,984	D	(4)(6)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Share Unit(5)	(4)	10/07/2025		M			146,168	(4)	(4)	Ordinary Shares(1)	146,168	(4)	0	D
Restricted Share Unit(5)	(4)	10/07/2025		M			167,056	(4)	(4)	Ordinary Shares(1)	167,056	(4)	0	D
Restricted Share Unit(5)	(6)	10/07/2025		A		618,760		(6)	(6)	Ordinary Shares(1)	618,760	(6)	618,760	D
Restricted Share Unit(5)	(6)	10/07/2025		M			618,760	(6)	(6)	Ordinary Shares(1)	618,760	(6)	0	D
Share Options (Right to Buy)(1)	$2.0113	10/07/2025		D			2,240,000	(7)	(7)	Ordinary Shares(1)	2,240,000	(7)	0	D

Explanation of Responses:

1. Reported securities are represented by American Depositary Shares ("ADSs"), each of which represents eight (8) Ordinary Shares of the Issuer.

2. Represents Ordinary Shares of the Issuer acquired from the Reporting Person by means of a scheme of arrangement (the "Scheme of Arrangement") under Part 26 of the UK Companies Act 2006, pursuant to a transaction agreement, dated as of July 8, 2025 (the "Transaction Agreement"), by and among the Issuer, Merck Sharp & Dohme LLC, a New Jersey limited liability company ("Parent") and Vol Holdings LLC, a Delaware limited liability company and wholly owned subsidiary of Parent ("Bidco").

3. At the effective time of the Scheme of Arrangement (the "Effective Time"), each holder of the Scheme Shares (as defined in the Scheme of Arrangement) became entitled to receive $13.375 in cash per Scheme Share, without interest and net of any applicable withholding taxes. Because each ADS represents a beneficial ownership interest in eight (8) Ordinary Shares of the Issuer, holders of ADSs as of the Effective Time became entitled to receive eight (8) times the foregoing cash amount, or $107 in cash, without interest and net of any applicable withholding taxes, per ADS (the "ADS Consideration").

4. Pursuant to the terms of the Transaction Agreement, immediately prior to the Effective Time, each outstanding time-based restricted share unit award ("RSU Award"), unless agreed otherwise, became fully vested, and at the Effective Time, was automatically converted into the right to receive an amount in cash (without interest and subject to all required withholding taxes) equal to the product of (i) the aggregate number of ADSs underlying such RSU Award and (ii) the ADS Consideration.

5. Represents an award of RSUs covering ADSs, which is presented in terms of the equivalent number of Ordinary Shares underlying the ADSs. Each RSU represents a contingent right to receive one (1) ADS of the Issuer. Each ADS represents eight (8) Ordinary Shares of the Issuer. The RSUs have no expiration date.

6. These performance-based restricted share unit awards (the "PRSUs") were earned upon the determination by the Board of Directors of the Issuer that certain performance metrics had been achieved. Pursuant to the terms of the Transaction Agreement, immediately prior to the Effective Time, the PRSUs, unless agreed otherwise, became fully vested, and at the Effective Time, were automatically converted into the right to receive an amount in cash (without interest and subject to all required withholding taxes) equal to the product of (i) the aggregate number of ADSs underlying such PRSU Award and (ii) the ADS Consideration.

7. Pursuant to the terms of the Transaction Agreement, immediately prior to the Effective Time, each outstanding share option became fully vested, to the extent unvested, and at the Effective Time, each share option that had an exercise price less than the ADS Consideration was automatically converted into the right to receive an amount in cash equal to the product of (i) the aggregate number of ADSs underlying such share option and (ii) the excess, if any, of (a) an amount equal to the ADS Consideration over (b) the exercise price of such share option.

	/s/ Andrew Fisher	10/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What did Andrew Fisher report on Form 4 for VRNA?

He reported accelerated vesting and cash conversion of RSUs, PRSUs and in-the-money options tied to the Scheme of Arrangement effective 10/07/2025.

How much cash per ADS did holders receive in the transaction for VRNA?

ADS holders received $107 in cash per ADS, equal to $13.375 per ordinary share times eight.

How many options were cashed out for the reporting person?

2,240,000 option-based ordinary-share equivalents were reported as disposed/cashed out under the transaction terms.

Did the reporting person retain any equity after the transaction?

The filer reports holding 618,760 ordinary-share-equivalent RSUs (reported as amounts underlying RSUs/PRSUs), but 0 direct ordinary shares and 0 options following the Effective Time.

Why were awards converted into cash instead of shares?

The Transaction Agreement provided that outstanding RSUs/PRSUs and certain options became vested and were converted into cash equal to the ADS Consideration, net of required withholdings.