Novo Nordisk has completed its acquisition of 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). The deal was announced in October 2025 

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).  

Novo Nordisk acquired all outstanding shares of common stock and common stock equivalents of Akero for $54 per share in cash (totaling $4.7 billion) and a non-transferable contingent value right (CVR). Each CVR entitles its holder to an additional payment of $6 per share in cash (totaling $500 million) upon US regulatory approval of Akero’s efruxifermin for the treatment of compensated cirrhosis due to MASH. At the completion of the transaction, Akero became a wholly owned subsidiary of Novo Nordisk. 

Source: Novo Nordisk