Novo Nordisk Acquires Akero Therapeutics to Enhance MASH Treatment Portfolio

Acquisition Details

Novo Nordisk has entered into a definitive agreement to acquire Akero Therapeutics for $4.7 billion in cash, with an additional contingent value right of $0.5 billion upon US regulatory approval of efruxifermin for the treatment of compensated cirrhosis due to MASH. The transaction is expected to close around the turn of the year, subject to regulatory approvals.

Strategic Fit

This acquisition aligns with Novo Nordisk's strategy to expand its portfolio in treating metabolic dysfunction-associated steatohepatitis (MASH), a prevalent obesity-related comorbidity. Efruxifermin, Akero's FGF21 analogue, is in phase 3 development for treating moderate to advanced liver fibrosis and cirrhosis due to MASH.

Clinical Trials

Efruxifermin is being evaluated in the phase 3 SYNCHRONY programme, which includes three clinical trials aimed at supporting regulatory approval for treating pre-cirrhotic and compensated cirrhosis due to MASH. Previous phase 2 trials showed significant improvements in liver fibrosis and reversal of compensated cirrhosis.

Financial Implications

The acquisition is not expected to impact Novo Nordisk's 2025 operating profit outlook but will affect the free cash flow outlook by approximately $4 billion. For 2026, increased research and development costs are anticipated, with an estimated negative impact on full-year operating profit growth of around 3%-points. The transaction will be mainly debt financed.