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4h ago

Novo Nordisk to Acquire Akero Therapeutics for Up to $5.2 Billion to Bolster MASH Pipeline

The debt-financed purchase advances Novo’s push into liver disease to diversify beyond its core GLP‑1 portfolio.

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The deal represents the first major financial outlay by Novo’s new CEO Mike Doustdar, who joined the company in August 2025. Kittyfly via Shutterstock.com.
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Overview

  • Novo will pay $54 per share in cash (about $4.7 billion) plus a potential $6 per share tied to U.S. approval of efruxifermin for MASH-related compensated cirrhosis by June 2031.
  • Efruxifermin, an FGF21 analog known as EFX, is in the phase 3 SYNCHRONY program evaluating both pre‑cirrhotic (F2–F3) MASH and compensated cirrhosis (F4).
  • Novo expects about a $4 billion hit to 2025 free cash flow, increased R&D spending in 2026, and will largely use debt financing while keeping its 2025 operating profit outlook unchanged.
  • Akero shares jumped roughly 17% to 18% in premarket trading after the deal was announced.
  • The transaction adds to 2025 consolidation around MASH assets, including Roche’s planned purchase of 89bio and GSK’s licensing deal, and represents the first major acquisition under CEO Mike Doustdar.