India Pharma Outlook Team | Monday, 13 October 2025
Novo Nordisk has announced they have entered into an agreement to acquire Akero Therapeutics.
Akero Therapeutics is a clinical-stage biotechnology firm advancing therapies for serious metabolic diseases, for $5.2 billion. The acquisition bolsters Novo Nordisk's leading position in diabetes, obesity, and related liver disease indications.
The most notable aspect of this acquisition is Akero's lead product, efruxifermin (EFX) — a fibroblast growth factor 21 (FGF21) analogue currently undergoing pivotal phase 3 trials for metabolic dysfunction-associated steatohepatitis (MASH). If approved, it could be the first and best-in-class therapy for patients with moderate to advanced liver fibrosis (F2–F3) and compensated cirrhosis (F4).
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“MASH destroys lives silently — and efruxifermin has the potential to change that by reversing liver damage,” said Mike Doustdar, President and CEO of Novo Nordisk. He stated that EFX can serve as a backbone therapy, whether alone or in combination with Wegovy (semaglutide), for one of the fastest growing metabolic diseases we see today.
“Efruxifermin complements Novo Nordisk’s leading portfolio and aligns with our goal of building a competitive suite of treatment options across all stages of MASH,” said Martin Lange, Chief Scientific Officer and Executive Vice President of Research & Development at Novo Nordisk.
Under the agreement, Novo Nordisk will purchase all the outstanding shares of Akero Therapeutics for $54 per share in cash, representing an approximate $4.7 billion valuation of the company, plus a potential $6 per share contingent value right (CVR)—approximately $0.5 billion—upon U.S. regulatory approval of EFX for MASH-related cirrhosis.
The deal was unanimously approved by Akero's board and is expected to be completed around year-end, subject to regulatory approvals. Novo Nordisk was advised by BofA Securities and Ropes & Gray LLP.
