Novo Nordisk will acquire all outstanding shares of Akero Therapeutics at a price of $54 per share in cash, representing a total value of $4.7 billion at closing. Akero shareholders will also receive a non-transferable contingent value right $(CVR)$ for a potential additional payment of $6 per share in cash, totaling $0.5 billion, if US regulatory approval is obtained for efruxifermin $(EFX)$ in treating compensated cirrhosis due to MASH. The transaction, unanimously approved by Akero's Board of Directors, is expected to close around the turn of the year, subject to customary closing conditions. The deal is not expected to impact Novo Nordisk's 2025 operating profit outlook, though free cash flow for 2025 is expected to decrease by about $4 billion, and increased R&D costs are anticipated to reduce 2026 operating profit growth by approximately 3 percentage points. The transaction will be primarily debt financed.