Pharma BD Deal Intelligence
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →On October 9, 2025, Akero Therapeutics, Inc. entered into an Agreement and Plan of Merger with Novo Nordisk A/S and a wholly-owned subsidiary, pursuant to…
Novo Nordisk is spending up to $5.2 billion to acquire Akero Therapeutics and its Phase 3 FGF21 analogue efruxifermin, adding a potential best-in-class MASH…
Novo Nordisk to buy Akero Therapeutics, picking up promising MASH drug. The upfront payment values the company at $4.7 billion, with shareholders potentially…
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Novo Nordisk agreed to acquire Akero for $54/share cash (~$4.7B) plus CVR of $6/share ($500M), total up to $5.2B. Gains efruxifermin, potentially best-in-class FGF21 analogue in Phase 3 for MASH (F2-F3 and F4/cirrhosis). Largest of three major FGF21 acquisitions in five months. Closed December 9, 2025.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Novo Nordisk A/S / Akero Therapeutics, Inc. (this deal) | 2025 | $5.2B | — |
| Novo Nordisk A/S / Emisphere Technologies | 2020 | $1.4B | 90 |
| Novo Nordisk A/S / Dicerna Pharmaceuticals, Inc. | 2019 | $3.3B | 88 |
| Novo Nordisk A/S / Vivtex Inc. | 2026 | $2.1B | 69 |
| Novo Nordisk A/S / Dicerna Pharmaceuticals, Inc. | 2021 | $3.3B | 68 |
| Novo Nordisk A/S / Forma Therapeutics Holdings Inc. | 2022 | $1.1B | 68 |
| Novo Nordisk A/S / Inversago Pharma | 2023 | $1.1B | 61 |
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