Novo Nordisk to Acquire Akero Therapeutics for $5.2 Billion, Secures Future Value with Efruxifermin

Novo Nordisk A/S (NYSE: NVO) announced today that it will acquire Akero Therapeutics (NASDAQ: AKRO) for up to USD 5.2 billion in cash, marking a significant expansion of the drug‑maker’s portfolio in the high‑growth field of metabolic disease therapeutics.

Deal Highlights

• Purchase Price – Akero shareholders will receive USD 54.00 per share in cash at closing, plus a non‑transferable Contingent Value Right (CVR).
• CVR Details – Each CVR entitles the holder to USD 6.00 per share upon full U.S. regulatory approval of efruxifermin (EFX) for compensated cirrhosis due to metabolic dysfunction‑associated steatohepatitis (MASH) by 30 June 2031.
• Total Value – The upfront cash component approximates USD 4.7 billion; the potential CVR payment could raise the total equity value to USD 5.2 billion if the regulatory milestone is met.

Strategic Rationale

• Portfolio Synergy – EFX is a best‑in‑class candidate for MASH, complementing Novo Nordisk’s leadership in GLP‑1‑based therapies for obesity, type 2 diabetes, and other metabolic disorders.
• Unmet Need – MASH is a rapidly progressing liver disease with limited approved treatments; EFX’s mechanism—an engineered, long‑acting fibroblast‑growth‑factor analogue—targets the root‑causes of hepatic fibrosis and inflammation.
• Commercial Advantage – The acquisition positions Novo Nordisk to offer a comprehensive metabolic‑disease solution, from weight‑management to liver‑health, strengthening its competitive moat in the specialty‑pharma market.

EFX Development Timeline

• Current Phase – EFX is in Phase 2b/3 trials, with data expected in 2027.
• Regulatory Milestone – Full U.S. approval is required for the CVR to trigger the additional cash payment; Novo Nordisk will pursue accelerated pathways where possible.
• Commercial Outlook – If approved, EFX could enter the U.S. market in the early 2030s, capturing an unmet segment of the growing MASH patient population.

Next Steps

• Closing Conditions – The transaction is subject to customary regulatory and shareholder approvals.
• Integration – Novo Nordisk will integrate Akero’s clinical program and commercial assets into its existing metabolic‑disease pipeline.
• Communication – Novo Nordisk will announce the definitive agreement and provide an updated timeline for the EFX regulatory strategy in a forthcoming investor briefing.