M&A · Healthcare · Pharmaceutical Preparations
Novo Nordisk a S to acquire Akero Therapeutics, Inc.
Announced Oct 9, 2025 · Closed Dec 9, 2025
Deal value$4.70BEV $4.48B
Premium42.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$54.00 per share
Transaction
- Acquirer
- Novo Nordisk a S (NVO)
- Target
- Akero Therapeutics, Inc. (AKRO)
- Buyer type
- Strategic
- Offer price per share
- $54.00
- Enterprise value
- $4.48B
- Status
- Closed Dec 9, 2025
Deal protections
- Break fee (target pays)
- $165M · 3.5%
- Reverse fee (buyer pays)
- $185M · 3.9%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Morgan Stanley, JPMorgan
- Morgan Stanley fee
- $53.0M
- JPMorgan fee
- $8.0M
Sector context · Healthcare
- Comparable deals
- 92 in the prior 24 months
- Premium
- 42.0% vs. 66.0% sector median
- EV / Adj. EBITDA
- Sector median 15.9x
- Break fee
- 3.5% vs. 3.3% sector median
Timeline
- AnnouncedOct 9, 2025
- Proxy filedOct 24, 2025
- Definitive proxyNov 7, 2025
- Shareholder voteDec 2, 2025
- ClosedDec 9, 2025
Valuation · fairness opinions
Discounted cash flowMorgan Stanley$51.50$62.25
Analyst price targetsMorgan Stanley$60.00$84.00
Analyst price targetsMorgan Stanley$54.00$75.50
Premiums paidMorgan Stanley$52.25$82.75
Premiums paidMorgan Stanley$63.75$101.00
Discounted cash flowJPMorgan$52.50$63.75
Analyst price targetsJPMorgan$60.00$84.00
Analyst price targetsJPMorgan$54.00$75.75
Discounted cash flowJPMorgan$63.75$101.00
Offer $54.00
Implied value per Akero Therapeutics, Inc. share by analysis, from Morgan Stanley and JPMorgan · DCF discount rate 10.2%–12.2%.