Novo Nordisk agreed to acquire Akero Therapeutics in a deal that could top $5.2 billion to obtain the FGF21 analogue efruxifermin, which showed fibrosis regression signals in Phase II and strengthens Novo’s MASH strategy. The transaction underscores pharma vertical integration to pair metabolic platforms with obesity and liver disease franchises. Separately, Bristol Myers Squibb moved to acquire Orbital Therapeutics for $1.5 billion to secure next‑generation CAR‑T or cell‑therapy technologies and expand its cell therapy leadership. These deals reflect active dealmaking in areas where scale, manufacturing and late‑stage assets can rapidly change commercial and clinical landscapes. Market note: Both transactions highlight big‑pharma willingness to pay for differentiated biologics and cell therapy platforms that fill strategic gaps and accelerate commercial rollouts.