Novo Nordisk has agreed to acquire Akero Therapeutics, a South San Franciso, California-based clinical-stage bio/pharma company focused on metabolic diseases, including metabolic dysfunction-associated steatohepatitis (MASH), in a deal worth up to $5.2 billion ($4.7 billion upfront and $500 million in contingent value right payments).  

Akero’s lead product candidate is efruxifermin, which is currently being evaluated in three ongoing Phase III clinical studies for respectively treating pre-cirrhotic fibrosis, compensated cirrhosis due to MASH, and MASH or metabolic dysfunction-associated steatotic liver disease (MASLD).  

Under the agreement, Akero shareholders will receive $54.00 per share in cash at closing and a non-transferable contingent value right, which entitles its shareholder to receive a cash payment of $6.00 per share upon full US regulatory approval of efruxifermin for the treatment of compensated cirrhosis due to MASH by June 30, 2031. The upfront cash portion of the consideration represents an equity value of approximately $4.7 billion. Combined, the upfront and potential contingent value payment represent, if achieved, an equity value of approximately $5.2 billion.  

The transaction has been unanimously approved by Akero’s Board of Directors and is expected to close around year-end (2025), subject to approval by Akero shareholders and upon satisfaction of customary closing conditions, including approvals by regulatory authorities. 

Source: Akero Therapeutics and Novo Nordisk