Novo Nordisk A/S (NYSE:NVO) agreed on Thursday to acquire Akero Therapeutics, Inc. (NASDAQ:AKRO) focused on metabolic diseases.
Transaction terms
Novo Nordisk will pay $54 per share in cash (or an aggregated value of $4.7 billion) at closing.
In addition, Akero shareholders will receive a non-transferable CVR entitling holders to a potential additional payment of $6 per share in cash (or an aggregated value of $0.5 billion) upon U.S. regulatory approval of EFX for the treatment of compensated cirrhosis due to MASH.
Strategic And Portfolio Fit
The acquisition reflects Novo Nordisk's long-term strategy to develop innovative and differentiated medicines for diabetes, obesity and associated comorbidities.
Akero's fibroblast growth factor 21 (FGF21) analog efruxifermin (EFX) is a potentially best-in-class treatment for metabolic dysfunction-associated steatohepatitis (MASH).
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EFX is being evaluated as a once-weekly subcutaneous injection in the phase 3 SYNCHRONY program, which consists of three clinical trials designed to support regulatory approval for the treatment of pre-cirrhotic (F2-F3) MASH and compensated cirrhosis (F4) due to MASH.
The phase 3 program builds on two 96-week phase 2b trials, in which EFX has been observed to significantly improve liver fibrosis and reverse compensated cirrhosis due to MASH.
Over 96 weeks, the HARMONY (F2-F3) and SYMMETRY (F4) trial demonstrated 49% and 29% reduction in fibrosis without worsening of MASH, respectively, compared to 19% and 11% in the respective placebo groups.
Financial implications
The transaction is not expected to impact Novo Nordisk's previously communicated operating profit outlook for 2025.
The free cash flow outlook for 2025 is expected to be negatively impacted by approximately $4 billion, reflecting the expected enterprise value. The implied 2025 free cash flow outlook is therefore 9-19 billion Danish kroner, depending on the timing of closing.
For 2026, the acquisition is expected to lead to increased research and development costs, with an estimated negative impact on full-year operating profit growth in 2026 of around three percentage points. The transaction will be mainly debt-financed.
Price Action: AKRO stock is up 17.64% at $54.69 during the premarket session at the last check on Thursday.
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