Novo Nordisk agreed to acquire Akero Therapeutics for $4.7 billion upfront to secure a late-stage therapy for metabolic dysfunction–associated steatohepatitis (MASH). The deal, disclosed by Novo, grants the diabetes giant control of Akero’s lead candidate and positions Novo to expand beyond obesity and diabetes into liver disease. Analysts see the acquisition as a strategic push into the expanding NASH/MASH market where few approved therapies exist. The transaction includes potential milestone payments that lift total consideration to as much as $5.2 billion in some reports, and it follows industry consolidation in the metabolic-disease space. Akero shareholders will receive cash at a modest premium; Novo emphasized commercial scale and development resources will accelerate the drug’s pathway to market. The deal also shifts competitive dynamics, raising the bar for rivals developing MASH assets and likely prompting further M&A in hepatology.