Novo Nordisk to acquire Akero Therapeutics for $5.2 billion

Acquisition expands Novo Nordisk’s leadership in obesity-related comorbidities and metabolic diseases

Novo Nordisk has entered into a definitive agreement to acquire Akero Therapeutics, Inc. (Akero), a publicly held, clinical-stage biotechnology company developing innovative treatments for serious metabolic diseases with high unmet medical needs.

Akero’s lead asset, efruxifermin (EFX), a fibroblast growth factor 21 (FGF21) analogue, is a potentially first- and best-in-class treatment for metabolic dysfunction-associated steatohepatitis (MASH). EFX is currently in phase 3 development for patients with moderate to advanced liver fibrosis (F2–F3) and for those with compensated cirrhosis (F4).

This acquisition strengthens Novo Nordisk’s long-term strategy to advance innovative, differentiated medicines that address diabetes, obesity, and their associated comorbidities. With over 40 per cent of MASH patients also living with type 2 diabetes and more than 80 per cent being overweight or obese, the disease is closely aligned with Novo Nordisk’s core therapeutic areas and scientific expertise.

“MASH destroys lives silently — and efruxifermin has the potential to change that by reversing liver damage,” said Mike Doustdar, President and CEO of Novo Nordisk. “If approved, we believe it could become a cornerstone therapy, either alone or in combination with Wegovy (semaglutide), to tackle one of the fastest-growing metabolic diseases of our time. This acquisition reflects Novo Nordisk’s relentless ambition to move faster, go further, and fulfill our commitment to lead in diabetes, obesity, and related diseases.”

EFX is being evaluated as a once-weekly subcutaneous injection in the phase 3 SYNCHRONY programme, which includes three clinical trials designed to support regulatory approval for pre-cirrhotic (F2–F3) MASH and compensated cirrhosis (F4) due to MASH.

“Efruxifermin complements Novo Nordisk’s leading portfolio and aligns with our goal of building a competitive suite of treatment options across all stages of MASH,” said Martin Lange, Chief Scientific Officer and Executive Vice President of Research & Development at Novo Nordisk. “Based on Akero’s data, we believe efruxifermin could be a first- and best-in-class treatment for mid- to late-stage MASH, with the potential to reverse liver damage. Novo Nordisk is uniquely positioned to unlock its full potential and reach more patients worldwide.”

Under the terms of the agreement, Novo Nordisk will acquire all outstanding shares of Akero’s common stock at USD 54 per share in cash, representing a total equity value of approximately USD 4.7 billion at closing. Akero shareholders will also receive a non-transferable contingent value right (CVR) of USD 6 per share in cash (approximately USD 0.5 billion) payable upon U.S. regulatory approval of EFX for the treatment of compensated cirrhosis due to MASH.

The transaction has been unanimously approved by Akero’s Board of Directors and is expected to close around the turn of the year, subject to customary closing conditions, including regulatory approvals.

Novo Nordisk is being advised by BofA Securities as financial advisor and Ropes & Gray LLP as legal counsel.