Akero Therapeutics, a biopharmaceutical company focused on developing treatments for patients suffering from severe metabolic diseases that currently have significant unmet medical needs, announced that it has entered into a definitive agreement to be acquired by Novo Nordisk A/S, a global leader in diabetes care and other chronic diseases. The acquisition deal is valued at up to $5.2 billion in cash.
Under the terms of this agreement, Akero shareholders will receive an immediate cash payment of $54.00 per share at the closing of the transaction. In addition to this upfront payment, shareholders will also receive a non-transferable Contingent Value Right (CVR). Each CVR entitles its holder to receive an additional cash payment of $6.00 per share, contingent upon the full U.S. regulatory approval of efruxifermin (EFX) for the treatment of compensated cirrhosis associated with metabolic dysfunction-related steatohepatitis (MASH), which must occur by June 30, 2031.
The immediate cash portion of the transaction represents an equity value of approximately $4.7 billion, translating to a 19% premium over Akero’s 30-day Volume Weighted Average Price (VWAP) and a substantial 42% premium compared to Akero’s closing share price on May 19, 2025, just before the onset of market speculation regarding the acquisition. When considering both the upfront cash payment and the potential CVR payment, the total equity value could reach approximately $5.2 billion, reflecting a 32% premium to Akero’s 30-day VWAP and a remarkable 57% premium to the closing price as of May 19, 2025.
Akero’s EFX program is particularly noteworthy, as it aims to introduce a best-in-class treatment targeting MASH. This condition is increasingly recognized as a significant public health issue due to its association with severe liver complications. This innovative program is expected to complement Novo Nordisk’s extensive portfolio and expertise in GLP-1-based metabolic therapies, which are pivotal in managing obesity and enhancing metabolic health. Novo Nordisk, with its world-leading capabilities in cardio-metabolic disease management, will significantly improve and accelerate the clinical evaluation of EFX within the ongoing Phase 3 SYNCHRONY program.
This collaboration will also facilitate the preparation for a successful commercial launch of EFX and ensure that this much-needed treatment reaches patients who are suffering from these debilitating conditions all over the globe.
The acquisition has received unanimous approval from Akero’s Board of Directors, and the transaction is anticipated to close around the end of the current calendar year. However, it remains subject to approval from Akero shareholders, as well as satisfaction of customary closing conditions, which include obtaining necessary approvals from regulatory authorities. This strategic acquisition underscores Novo Nordisk’s commitment to advancing innovative treatments and reinforces Akero’s vision of delivering effective therapies to patients in need.
Advisors: Morgan Stanley and J.P. Morgan Securities are serving as financial advisors to Akero Therapeutics, and Kirkland & Ellis as its legal advisor.
KEY QUOTE:
“We are excited to enter into this transaction with Novo Nordisk, which follows a comprehensive review undertaken by our Board of Directors, delivers meaningful value to Akero shareholders, and positions us to expand treatment options for people around the globe through Novo Nordisk’s industry-leading development capabilities and commercial infrastructure. I want to thank Akero’s talented employees for their tireless commitment to advancing EFX and meeting a critical global unmet need. We look forward to joining the Novo Nordisk family and accelerating the momentum of EFX to deliver a transformational impact on patients’ lives.”
Andrew Cheng, M.D., Ph.D, President and CEO of Akero Therapeutics
