Akero Therapeutics, a clinical-stage company focused on developing treatments for serious metabolic diseases with high unmet medical needs, has announced its acquisition by Novo Nordisk for up to $5.2 billion. The acquisition will see Akero shareholders receiving $54.00 per share in cash at closing and a non-transferable contingent value right (CVR) of $6.00 per share.
This acquisition represents an equity value of approximately $4.7 billion, which is 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. Furthermore, the combined 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.
Akero’s lead product candidate, efruxifermin (EFX), is currently being evaluated in three ongoing phase 3 clinical studies. The acquisition by Novo Nordisk is expected to enhance and accelerate the evaluation of EFX in the phase 3 synchrony program, preparation for a successful commercial launch, and delivery of EFX to patients globally.
The transaction, which has been unanimously approved by Akero’s board of directors, 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.
Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are serving as financial advisors to Akero Therapeutics, and Kirkland & Ellis LLP as its legal advisor.
This acquisition marks a significant development in the field of metabolic diseases and represents a strategic move by Novo Nordisk to further strengthen its position in this therapeutic area. Today the company's shares have moved 16.33% to a price of $54.08. For more information, read the company's full 8-K submission here.
