Akero to be acquired by Novo Nordisk for up to $5.2B; $54/share cash + $6 CVR

Akero Therapeutics, Inc.

Shareholders get $54.00 cash per share at closing (equity value ~$4.7B) plus a CVR worth up to $6.00 per share if FDA approves efruxifermin for MASH-cirrhosis by June 30, 2031.
Total potential equity value ~$5.2B; upfront cash represents a 19% premium to 30-day VWAP and 42% to pre-speculation close on May 19, 2025.
Merger expected to close around year-end 2025, subject to Akero shareholder vote, antitrust clearance, and other conditions.
Termination fees: Akero pays $165M under certain circumstances; Novo Nordisk pays $185M reverse fee if antitrust conditions not met.
Board adopted forum selection bylaw amendment on October 8, 2025; transaction will supplement Novo Nordisk's GLP-1 metabolic portfolio.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Akero Therapeutics, Inc.: The Company amended its Bylaws to update the forum selection provision in Article VI, Section 8 (effective 2025-10-08).

Change: bylaw amendment
Effective: 2025-10-08

Exact text from the filing

On October 8, 2025, the Board approved and adopted an amendment (the “ Forum Selection Amendment ”) to the Company’s existing Bylaws that amends and replaces the existing Article VI, Section 8 forum selection provision. The Forum Selection Amendment is filed as Exhibit 3.1 hereto and incorporated by reference herein.

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Source: SEC EDGAR

accession 0001193125-25-235919

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