Novo Nordisk (NYSE:NVO) announced the acquisition of U.S.-based Akero Therapeutics (NASDAQ:AKRO) for up to $5.2 billion, expanding its presence in the treatment of liver diseases associated with obesity. The deal marks the first major transaction under new CEO Maziar Mike Doustdar.
The Danish pharmaceutical company will pay $54 per share, totaling approximately $4.7 billion, a 16% premium over Akero’s previous closing price. An additional $500 million could be disbursed if regulatory targets are met.
Akero is developing the experimental drug efruxifermin (EFX), which targets metabolic dysfunction-associated steatohepatitis (MASH). The disease, caused by the accumulation of fat in the liver, can progress to fibrosis and cirrhosis. The treatment is in advanced clinical trials with approximately 3,500 patients.
Doustdar highlighted that efruxifermin has the potential to become the first therapy capable of reversing severe liver damage, and could act alone or in combination with Wegovy, Novo’s popular obesity drug.
The acquisition positions Novo in the growing metabolic therapies market, where giants such as Roche and GSK compete, which recently signed deals worth up to US$3.5 billion and US$2 billion, respectively, focused on the same segment.
Akero shares rose about 19% in premarket trading in New York to $55.39, while Novo shares fell 2.2% in Copenhagen and 1.8% in premarket trading in the United States. The pharmaceutical company estimates the deal will reduce operating profit by about three percentage points in 2026.
Analysts consider the price “in line” with other acquisitions in the sector. Jared Holz of Mizuho Securities said the valuation reflects optimism surrounding EFX’s revenue potential, which could hit the market in 2028.
For Doustdar, the acquisition is a step toward regaining ground against rival Eli Lilly, increasing Novo’s focus on medications for obesity, diabetes, and cardiometabolic conditions. The company recently cut 9,000 jobs as part of its restructuring.
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