Novo Nordisk agreed to acquire Akero Therapeutics in a deal valuing the company at roughly $4.7 billion upfront to secure efruxifermin, an FGF21‑mimetic in late‑stage development for metabolic dysfunction‑associated steatohepatitis (MASH). Akero’s Phase 3 program completed enrollment and a pivotal readout is expected next year, giving Novo a near‑term product candidate to pair with its obesity franchise. The acquisition follows a string of recent MASH transactions and consolidates industry bets on FGF21 analogs as a therapeutic class for liver fibrosis. Novo halted development of an internal FGF21 candidate earlier this year, positioning efruxifermin as a differentiated asset if Phase 3 confirms prior signals for fibrosis improvement. Analysts and investors view the deal as strategic: it fills a late‑stage gap in Novo’s metabolic portfolio without restarting an in‑house FGF21 program. Deal structure includes $4.7 billion cash and contingent value rights tied to regulatory milestones. Akero shareholders may receive additional payments if approval milestones are achieved, aligning incentives for a successful Phase 3 outcome. The transaction also signals continued industry appetite for MASH programs despite mixed data across the class.