Novo Nordisk Enters Agreement to Acquire Akero Therapeutics for $5.2 Billion

Ropes & Gray has advised Novo Nordisk in a definitive agreement to acquire Akero Therapeutics, Inc. (Nasdaq: AKRO), a clinical-stage company developing transformational treatments for patients with serious metabolic diseases marked by high unmet medical need, for up to $5.2 billion in cash. The agreement was announced on October 9, 2025, in a press release.

Akero’s fibroblast growth factor 21 (FGF21) analogue efruxifermin (EFX) is a potentially best-in-class treatment for reversing liver damage associated with metabolic dysfunction-associated steatohepatitis (MASH).

Novo Nordisk is a leading global healthcare company founded in 1923 and headquartered in Denmark. Novo Nordisk’s purpose is to drive change to defeat serious chronic diseases built upon the company’s heritage in diabetes. Novo Nordisk does so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. As of August 2025, the company employs about 78,400 people in 80 countries and markets its products in around 170 countries.

The deal team was led by M&A partners Emily Oldshue and Chris Comeau, licensing & collaboration partner Hannah England, litigation partner Thomas Brown, executive compensation & employee benefits partner Renata Ferrari, life sciences regulatory & compliance partner Josh Oyster, health care partner David Peloquin, tax partner David Saltzman, and finance partner Dan Coyne.