Novo Nordisk is set to acquire the firm, and Akero’s shareholders will receive $54 per share in cash at closing in addition to a contingent value right.
Akero Therapeutics, Inc. (AKRO) announced on Thursday that it has entered into a definitive agreement to be acquired by Danish drugmaker Novo Nordisk (NVO) for up to $5.2 billion in cash.
Akero shareholders will receive $54 per share in cash at closing in addition to a contingent value right that entitles holders to a cash payment of $6/ 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.
The upfront cash payment represents a premium of over 16% from the stock’s last closing price on Wednesday. Shares of AKRO soared 19% in Thursday’s pre-market session.
On Stocktwits, retail sentiment around AKRO stock rose from ‘neutral’ to ‘extremely bullish’ territory over the past 24 hours, while message volume rose from ‘normal’ to ‘high’ levels.
Novo said that MASH is closely linked with its expertise in diabetes and obesity, with over 40% MASH patients also having type 2 diabetes, and over 80% of MASH patients being overweight or living with obesity.
“If approved, we believe it (Efruxifermin) could become a cornerstone therapy, alone or together with Wegovy (semaglutide), to tackle one of the fastest-growing metabolic diseases of our time,” said Novo Nordisk CEO Mike Doustdar.
The transaction is expected to close around year-end, the company said, subject to approval by Akero shareholders. It will also be debt-financed, it added.
Novo said that the transaction is not expected to impact its previously communicated operating profit outlook for 2025. However, the free cash flow outlook for 2025 is expected to be negatively impacted by about $4 billion, it noted.
In 2026, Novo expects the acquisition to increase research and development costs and negatively impact full-year operating profit growth by around three percentage points.
AKRO shares rose 67% this year and by 63% over the past 12 months.
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