Novo Nordisk Completes $4.7B Akero Deal to Advance MASH Pipeline

Novo Nordisk has officially closed its acquisition of Akero Therapeutics, marking a major move in the race to develop next-generation treatments for metabolic liver diseases.

The deal, first announced on October 9, 2025, is now fully completed, positioning Novo Nordisk to expand its pipeline with one of the field’s most closely watched drug candidates.

Under the agreement, Novo Nordisk purchased all outstanding shares of Akero’s common stock and common stock equivalents for US$54 per share in cash, valuing the transaction at US$4.7 billion, along with a non-transferable Contingent Value Right (CVR).

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Each CVR gives shareholders the chance to receive an additional US$6 per share, or roughly US$0.5 billion in total, if U.S. regulators approve Akero’s lead therapy, EFX, for treating compensated cirrhosis caused by MASH. This approval milestone now takes center stage, as the industry closely watches EFX’s potential to shift standards of care in a high-need category.

With the acquisition completed, Akero is now a wholly owned subsidiary of Novo Nordisk, giving the company full control of EFX’s development and commercialization strategy. The move strengthens Novo Nordisk’s long-term position in cardiometabolic and liver disease, areas where demand for effective therapies continues to surge. As part of the transition, Akero’s common stock has been removed from the Nasdaq Global Select Market, officially ending its run as a publicly traded company.

For Novo Nordisk, the deal underscores a clear commitment: deepen its foothold in therapies that could reshape treatment outcomes for millions, while accelerating innovation in a market that is expanding fast.