Novo Nordisk A/S (CPSE:NOVO B) entered into a definitive agreement to acquire Akero Therapeutics, Inc. (NasdaqGS:AKRO) for approximately $4.4 billion on October 9, 2025. Under the terms of the agreement, Novo Nordisk will acquire all outstanding shares of Akero?s common stock at a price of $54 per share in cash or 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 aggregated value of $0.5 billion upon US regulatory approval of EFX for the treatment of compensated cirrhosis due to MASH. The transaction will be mainly debt financed. The transaction is not expected to impact Novo Nordisk?s previously communicated operating profit outlook for 2025. Upon termination of the Merger Agreement, under specified circumstances, the Company will be required to pay Parent a termination fee of approximately $170 million. The Merger Agreement further provides that Parent will be required to pay the Company a reverse termination fee of approximately $190 million in the event the Merger Agreement is terminated in certain specified circumstances, including if the Merger is not consummated before the End Date because certain conditions related to antitrust or foreign direct investment laws have not been satisfied.


The transaction has been unanimously approved by Akero?s Board of Directors and is subject to satisfaction of customary closing conditions including approvals by regulatory authorities and approval by Akero shareholders. Consummation of the Merger is subject to customary closing conditions, including, without limitation, the absence of certain legal restraints preventing or otherwise making illegal the consummation of the Merger, no Material Adverse Effect with respect to the Company having occurred since the date of the Merger Agreement that is continuing, the expiration or termination of any waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the ? HSR Act ?) applicable to the Merger, the obtainment of any clearance or approval applicable to the Merger under the antitrust and foreign direct investment laws of other applicable foreign jurisdictions. Novo Nordisk board of directors has approved the transaction. The transaction is expected to close around the turn of the year 2025. As on December 2, 2025, the transaction has been approved by Akero Therapeutics shareholders and the FTC granted early termination of the waiting period under the HSR Act.

Novo Nordisk is represented by BofA Securities as its financial advisor and Emily J. Oldshue and Christopher D. Comeau, Thomas Brown, Renata Ferrari, Josh Oyster, David Peloquin, David Saltzman and Dan Coyne of Ropes & Gray as its legal advisors. Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are serving as financial advisors and fairness opinion providers to Akero Therapeutics. Graham Robinson, Laura Knoll, Benjamin D. Jiang, Chadé Severin, Greg Schuster, Maria Raptis, Thomas S. Wilson, Joel Gory, Rachel Malhiet, Dean S. Shulman, Benjamin M. Schreiner, Mari Stonebraker, Jason R. Serlenga, Dennis Williams, William S. Richmond, Stefan Atkinson, Alyssa C. Scruggs, Zachary S. Brez, John P. Kabealo, Timothy F. Nelson, Mei Y. Wang, Ann Becchina, Justin Coddington, Shellie Weisfield Freedman and Amber Harezlak of Kirkland & Ellis LLP as its legal advisors to Akero Therapeutics, Inc. Computershare Trust Company, National Association acted as a transfer agent to Akero Therapeutics. Innisfree M&A Incorporated acted as a information agent to Akero Therapeutics for a advisor fee of $0.075 million.

Novo Nordisk A/S (CPSE:NOVO B) completed the acquisition of Akero Therapeutics, Inc. (NasdaqGS:AKRO) on December 9, 2025.