Novo Nordisk announced the acquisition of Akero Therapeutics for $4.7 billion to secure efruxifermin, an FGF21 analogue in late‑stage development for metabolic dysfunction‑associated steatohepatitis (MASH), while simultaneously winding down its internal cell therapy programs. Company disclosures and reporting from BioCentury/other outlets show the buy brings a Phase III asset that Novo sees as complementary to its obesity and metabolic franchise. At the same time, Novo is discontinuing its cell therapy R&D and laying off nearly the entire 250‑person cell therapy unit as part of CEO Maziar Doustdar’s restructuring to save roughly $1.3 billion annually. The moves signal a reallocation toward metabolic and obesity therapeutics and away from earlier, capital‑intensive modalities where Novo concluded it lacked strategic fit or scale. The twin actions—high‑value M&A plus modality exits—illustrate a deliberate portfolio shift. Akero’s efruxifermin showed fibrosis reversal signals in Phase IIb; Novo’s purchase and workforce cuts will be watched for implications on manufacturing, partnerships, and where legacy cell‑therapy projects land.