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Novo Nordisk to acquire Akero Therapeutics and its promising phase 3 FGF21 analogue to expand MASH portfolio
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A definitive agreement has been announced by Novo Nordisk to acquire Akero Therapeutics for $54 per share in cash at closing, valuing the company at $4.7 billion, with the potential for an additional $6 per share contingent value right (CVR). to acquire Akero Therapeutics for $54 per share in cash at closing, valuing the company at $4.7 billion, with the potential for an additional $6 per share contingent value right (CVR). for $54 per share in cash at closing, valuing the company at $4.7 billion, with the potential for an additional $6 per share contingent value right (CVR). to acquire Akero Therapeutics for $54 per share in cash at closing, valuing the company at $4.7 billion, with the potential for an additional $6 per share contingent value right (CVR).

This strategic acquisition is intended to expand Novo Nordisk's MASH (metabolic dysfunction-associated steatohepatitis) portfolio by adding Akero's lead product, efruxifermin (EFX), a promising FGF21 analogue currently in Phase 3 development. EFX, administered as a once-weekly subcutaneous injection, is being evaluated for the treatment of patients with moderate-to-advanced liver fibrosis (F2-F3) and compensated cirrhosis (F4) due to MASH. The acquisition aligns with Novo Nordisk’s strategy to address serious metabolic diseases and associated comorbidities, as MASH is strongly linked to obesity and type 2 diabetes—areas where Novo Nordisk already has established expertise and flagship treatments like Wegovy® (semaglutide).

EFX is considered a potential first- and best-in-class asset, particularly noted for being the only treatment to have shown significant fibrosis regression in compensated cirrhosis (F4) patients in a Phase 2 trial. Data from the Phase 2b trials demonstrated a 49% reduction in fibrosis (without worsening of MASH) in F2-F3 patients and a 29% reduction in F4 patients over 96 weeks, compared to 19% and 11% in the respective placebo groups. Novo Nordisk believes EFX could become a cornerstone therapy, either alone or in combination with their existing medicines, to tackle MASH, which is a serious, progressive disease affecting over 250 million people globally and is the fastest-growing cause of liver transplants in the US and Europe. The transaction is expected to close around the turn of the year, subject to regulatory approvals, and will be primarily debt-financed, with an estimated negative impact on Novo Nordisk's 2026 operating profit growth of about 3 percentage points.

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