---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-235919"
form_type: "8-K"
ticker: null
cik: "0001744659"
company_name: "Akero Therapeutics, Inc."
filed_at: "2025-10-09T23:59:59+00:00"
generated_at: "2026-05-17T04:12:39.139689+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-235919
- form_type: 8-K
- cik: 0001744659
- company_name: Akero Therapeutics, Inc.
- filed_at: 2025-10-09T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 5.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1744659/000119312525235919/0001193125-25-235919-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1744659/000119312525235919/d42650d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-235919
- JSON: https://secwatch.observer/filing/0001193125-25-235919.json
- Plain text: https://secwatch.observer/filing/0001193125-25-235919.txt

## Key facts
- Governance Changes
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1744659/000119312525235919/0001193125-25-235919-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.