Novo Nordisk agreed to acquire Akero Therapeutics for $4.7 billion upfront to secure efruxifermin, an FGF21 analogue in phase 3 for metabolic dysfunction‑associated steatohepatitis (MASH). Multiple outlets reported the transaction and deal terms, including contingent value rights worth up to $6 per share tied to US approval milestones. Novo positions the asset alongside its weight‑loss franchise to broaden its metabolic portfolio. The acquisition follows a wave of competing MASH transactions and reflects sustained strategic bets by large pharmas on FGF21 analogs and fibrosis reversal. Analysts note the deal consolidates capacity in a crowded metabolic space even as clinical readouts and differentiation among FGF21 candidates remain to be proven.