Novo Nordisk said on Thursday it had agreed to buy Akero Therapeutics for up to $5.2 billion, giving the Danish drugmaker access to the U.S.-based company's experimental liver disease drug.

Shares of Akero Therapeutics rocketed over 19% on the news while Novo Nordisk slid about 2%.

Akero's experimental drug, efruxifermin, is being studied in patients with severe scarring or cirrhosis due to a type of fatty liver disease known as metabolic dysfunction-associated steatohepatitis (MASH).

Under the deal, Novo would pay Akero shareholders $54 per share in cash and an additional $6 per share upon full U.S. approval of efruxifermin for treatment of compensated cirrhosis due to MASH by June 30, 2031, the companies said.