October 21, 2025 | Health Care | North America | Active
On 9-Oct-25, Danish drug maker Novo Nordisk (“Novo”) announced a definitive agreement to acquire US-based liver drug developer Akero Therapeutics (“Akero”) for up to $5.2bn, Novo’s first major deal under its new CEO, Mike Doustdar, who took the helm in July 2025. Under the terms of the agreement, Novo will offer target shareholders $54.00 in cash per share plus a non-transferable contingent value right (CVR) worth up to $6.00 per share. The cash consideration implies a 16.2% one-day premium and a 41.6% premium to Akero’s undisturbed share price on 19-May-25, prior to takeover speculation from StreetInsider that disclosed the company was exploring a potential sale. The transaction has been unanimously approved by Akero’s board and Novo plans to fund the acquisition by issuing new debt. The CVR is payable upon securing approval of efruxifermin (“EFX”). Specifically, a $6.00 milestone will be earned if the FDA approves subcutaneous EFX – alone or in combination – for patients with compensated cirrhosis (stage F4c), with the indication listed in the label’s “Indications and Usage” section; this milestone expires on 30-Jun-31. Per the CVR agreement, Novo will use commercially reasonable efforts to run the SYNCHRONY Histology and SYNCHRONY Outcomes trials, two clinical trials within a programme that seeks to secure approval for patients with pre-cirrhotic MASH (F2-F3, a liver disease described below) and compensated cirrhosis (F4) due to MASH. Novo’s CVR obligations end upon (i) the first FDA filing for EFX in F4c fibrosis, due to MASH or (ii) the failure of SYNCHRONY Histology or SYNCHRONY Outcomes to meet their primary endpoint, whichever occurs first. Conditions to closing include approval from Akero shareholders; a Novo vote is not needed. The merger agreement contains standard force majeure carve-outs within its MAC, including war, trade wars, and pandemics. Regulatory conditions only specify HSR clearance, and ...
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