Novo buys again: 5-billion-dollar deal for Akero´s MASH

Novo Nordisk (Kopenhagen, Denmark) has announced plans to acquire the US-based company Akero Therapeutics  for up to US$5.2 billion. This is the first major deal under the leadership of the company’s new CEO, Mike Doustdar. This signals a renewed focus for the Danish drugmaker on cardiometabolic diseases, including obesity, diabetes, and metabolic dysfunction-associated steatohepatitis (MASH).

Akero’s late-stage drug candidate, efruxifermin, has shown potential in reversing liver scarring in MASH patients — a promising addition to Novo’s pipeline as it prepares for the expiration of patents on semaglutide, the active ingredient in its best-selling product, Wegovy.

“This acquisition is an important building block for Novo’s future growth,” said Doustdar, highlighting the company’s strategic pivot amid intensifying competition from Eli Lilly. Analysts at BMO Capital Markets described the move as a positive signal as Novo Nordisk undergoes internal restructuring following recent job cuts.

Financed through debt, the deal is expected to close by the end of the year and includes an upfront cash payment of $54 per Akero share, with the potential for an additional $6 per share if efruxifermin gains U.S. approval by mid-2031.

Industry observers note according to Reuters that the Akero acquisition marks a shift towards larger, bolder deals for Novo, whose previous biotech acquisitions in metabolic diseases typically ranged from US$1–2 billion. Despite a recent 11% increase in its share price, the company’s stock is still down around 40% this year, reflecting investor caution regarding Wegovy’s sales trends in the US.

With this acquisition, Novo joins peers such as Roche and GSK in expanding into the high-growth MASH space, where new therapies are expected to address an unmet need affecting around 5% of US adults.