Novo Nordisk agreed to acquire Akero Therapeutics for $4.7 billion upfront to add efruxifermin, an FGF21‑mimetic candidate in late‑stage testing for metabolic dysfunction‑associated steatohepatitis (MASH), to its metabolic pipeline. Novo announced a $54 per‑share cash deal with an additional contingent $6 per share tied to U.S. approval. The acquisition follows industry consolidation around FGF21 analogs and arrives as Phase 3 data from Akero are expected next year. The deal positions Novo—already dominant in diabetes and obesity medicines—to expand into MASH, a high‑unmet‑need liver disease market that recently produced its first approved therapy. Novo stopped internal development of an FGF21 program earlier this year, citing differentiation among candidates; acquiring Akero reflects a strategic buy vs. build decision. Analysts and investors will watch upcoming Phase 3 readouts closely to assess efruxifermin’s differentiation on fibrosis and clinical outcomes. The announcement underscores continued M&A momentum in hepatology: Roche and others have been active in MASH assets recently. For developers, the transaction reinforces that late‑stage proof of fibrosis benefit can command multibillion‑dollar exits and accelerate regulatory and commercial planning.