Akero Therapeutics to be acquired by Novo Nordisk for up to $5.2B in cash

Akero Therapeutics (AKRO) announced that it has entered into a definitive agreement to be acquired by Novo Nordisk A/S (NVO) for up to $5.2B in cash. Under the terms of the agreement, Akero shareholders will receive $54.00 per share in cash at closing and a non-transferable Contingent Value Right. Each CVR will entitle its holder to receive a cash payment of $6.00 per share upon full U.S. regulatory approval of efruxifermin for treatment of compensated cirrhosis due to MASH by June 30, 2031. The upfront cash portion of the consideration represents an equity value of approximately $4.7B, a 19% premium to Akero’s 30-day Volume Weighted Average Price, and a 42% premium to Akero’s closing price on May 19, 2025 prior to market speculation. Combined, the upfront and potential contingent value payment represent, if achieved, an equity value of approximately $5.2B a 32% premium to Akero’s 30-day VWAP, and a 57% premium to Akero’s closing price on May 19, 2025 prior to market speculation. The transaction has been unanimously approved by Akero’s Board of Directors and is expected to close around year-end, subject to approval by Akero shareholders and upon satisfaction of customary closing conditions including approvals by regulatory authorities.