Akero Therapeutics, Inc. (AKRO) entered a merger agreement on October 9, 2025, to be acquired by Novo Nordisk A/S (NVO) in a deal valued at $4.7 billion.
Akero shareholders will receive $54 per share in cash at closing and a non-transferable Contingent Value Right (CVR). The cash portion of $54 per share represents a premium of 16.15% from the stock’s last close.
Each CVR will entitle its holder to receive a cash payment of $6 per share upon full U.S. regulatory approval of efruxifermin (EFX) for treatment of compensated cirrhosis due to metabolic dysfunction–associated steatohepatitis (MASH) by June 30, 2031.
Akero is a clinical-stage biotechnology company developing transformative therapies for serious metabolic diseases, including MASH, with its lead candidate efruxifermin (EFX) currently in Phase 3 trials.
Novo Nordisk is a global healthcare company based in Denmark that develops and manufactures innovative medicines for diabetes, obesity, and other serious chronic and rare diseases.
Akero’s EFX program, aimed at advancing treatment for MASH, enhances Novo Nordisk’s leadership in GLP-1–based metabolic therapies.
The deal is expected to close around year-end.
Akero Therapeutics received financial advice from Morgan Stanley and J.P. Morgan Securities, and legal support from Kirkland & Ellis.
For comprehensive details on this M&A transaction, please visit the Deal Metrics page:
Deal Metrics for the acquisition of Akero Therapeutics, Inc. (AKRO) by Novo Nordisk A/S (NVO).
The Deal Metrics page provides a spread history chart of the merger, important events as the merger progresses, news, SEC filings, deal updates, and more.
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Editor’s Note: Baranjot Kaur contributed to this article