Novo Nordisk has entered into a definitive agreement to acquire Akero Therapeutics for up to $5.2 billion in cash, furthering its strategic expansion into the treatment of metabolic dysfunction-associated steatohepatitis (MASH), a prevalent liver disease closely linked to obesity. Under the terms of the deal, Akero shareholders will receive $54 per share in cash at closing—representing a 19% premium to Akero’s 30-day volume weighted average price—and a contingent value right worth an additional $6 per share payable if Akero’s lead investigational drug, efruxifermin, wins full U.S. regulatory approval for cirrhosis due to MASH by June 2031.
Akero’s efruxifermin, a fibroblast growth factor 21 analogue, has shown significant promise in advancing fibrosis regression for patients with both moderate and advanced stages of liver disease, making it a potentially first- and best-in-class asset in phase 3 trials. The deal is expected to close around the turn of the year, pending regulatory and shareholder approval, with Novo Nordisk noting no impact to its 2025 operating profit outlook but anticipating higher R&D costs in 2026 as development accelerates. This acquisition underscores Novo Nordisk’s commitment to broadening its portfolio of therapies for obesity-related comorbidities and advancing care for patients suffering from severe metabolic diseases.
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