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Akero Therapeutics to be Acquired by Novo Nordisk for up to $5.2 Billion

AKRO
  • Akero Therapeutics has entered a definitive agreement to be acquired by Novo Nordisk for up to $5.2 billion in cash.
  • Akero shareholders will receive $54.00 per share in cash at closing plus a non-transferable Contingent Value Right (CVR) worth $6.00 per share.
  • The CVR payment of $6.00 is contingent on full U.S. regulatory approval of efruxifermin (EFX) for compensated cirrhosis due to MASH by June 30, 2031.
  • The upfront cash consideration represents an equity value of approximately $4.7 billion, reflecting a 19% premium to the 30-day VWAP.
  • The total potential value including the CVR represents an equity value of approximately $5.2 billion, reflecting a 32% premium to the 30-day VWAP.
  • The transaction is expected to close around year-end 2025, subject to shareholder approval & regulatory clearances.
  • Akero's Board of Directors unanimously approved the transaction.
  • Morgan Stanley & J.P. Morgan serve as financial advisors to Akero, with Kirkland & Ellis LLP as legal advisor.
  • EFX is currently evaluated in three Phase 3 SYNCHRONY trials focusing on pre-cirrhotic MASH, compensated cirrhosis, & real-world safety.
  • Novo Nordisk will accelerate the evaluation & commercial launch of EFX using its cardio-metabolic capabilities.
  • A proxy statement detailing the transaction will be filed with the SEC for review by Akero stockholders.