Akero Therapeutics (AKRO) to be acquired by Novo Nordisk (NVO) for up to $5.2 bln

• Novo Nordisk said it would buy U.S.-based Akero Therapeutics for up to $5.2 billion to gain access to a promising liver disease drug candidate, in the first major deal by the Danish drugmaker’s new CEO to spur growth.
• Akero’s drug candidate, efruxifermin, is currently in late-stage trials for treating metabolic dysfunction-associated steatohepatitis (MASH).
• Efruxifermin has shown potential in reversing liver scarring in MASH patients in earlier studies.

In August, Wegovy became the first GLP-1 drug to receive accelerated approval for MASH in the U.S., where the disease affects around 5% of adults.

Novo has discontinued its MASH candidate, zalfermin, which belonged to the same class of treatments as efruxifermin.

 

 

 

 

 

 

Akero Therapeutics to be acquired by Novo Nordisk (NVO) for up to $5.2 bln; Shareholders to receive $54 per share in cash and CVR of $6 per share 

• Under the terms of the agreement, Akero shareholders will receive $54.00 per share in cash at closing and a non-transferable Contingent Value Right ("CVR"). Each CVR will entitle its holder to receive a cash payment of $6.00 per share upon full U.S. regulatory approval of efruxifermin ("EFX") for 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, a 19% premium to Akero's 30-day Volume Weighted Average Price (VWAP), and a 42% premium to Akero's closing price on May 19, 2025 prior to market speculation. Combined, the upfront and potential contingent value payment represent, if achieved, an equity value of approximately $5.2 billion, a 32% premium to Akero's 30-day VWAP, and a 57% premium to Akero's closing price on May 19, 2025 prior to market speculation. Akero's innovative EFX program -- focused on developing a best-in-class treatment for metabolic dysfunction-associated steatohepatitis ("MASH") -- will complement Novo Nordisk's leadership in GLP-1 based metabolic treatments. Novo Nordisk's world leading capabilities in cardio-metabolic disease will enhance and accelerate evaluation of EFX in the Phase 3 SYNCHRONY program, preparation for a successful commercial launch, and delivery of EFX to patients in need around the globe.
• The transaction has been unanimously approved by Akero's Board of Directors and is expected to close around year-end, subject to approval by Akero shareholders and upon satisfaction of customary closing conditions including approvals by regulatory authorities.