Novo Nordisk said Thursday it was buying US biotech firm Akero Therapeutics, which is developing treatments for a number of metabolic diseases, for $4.7 billion.
The Danish firm, the maker of blockbuster weight-loss treatment Wegovy, said Akero’s efruxifermin drug had the potential to help reverse liver damage in some people suffering from obesity.
The deal comes as Novo Nordisk is slashing jobs to remain competitive as its dominant position in weight-loss drugs comes under challenge.
“The acquisition reflects Novo Nordisk’s long-term strategy to develop innovative and differentiated medicines and treat millions of more people living with diabetes, obesity and their associated comorbidities,” the company said in a statement.
It said efruxifermin has the potential to become the top treatment for a fatty liver disease known as MASH, whose more than 250 million sufferers worldwide tend to be overweight and often also suffer from type 2 diabetes.
“MASH destroys lives silently—and efruxifermin has the potential to change that by reversing liver damage,” said Novo Nordisk’s chief executive Mike Doustdar.
“If approved, we believe it could become a cornerstone therapy, alone or together with Wegovy, to tackle one of the fastest-growing metabolic diseases of our time,” he added in the statement announcing the acquisition.
Novo Nordisk said the terms of the deal will see it acquire all of California-based Akero Therapeutics outstanding shares for $54 per share.
Akero’s shares closed at $46.49 on Wednesday.
Akero Therapeutics shareholders will also be entitled to an extra payment of $6 per share if efruxifermin receives regulatory approval for treating liver damage due to MASH.
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