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.