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- Akero Therapeutics
Akero Therapeutics Acquisition, Valuation, Funding & Investors
Akero Therapeutics was acquired by Novo Nordisk for $4.7B in October 2025.
Akero Therapeutics EBITDA multiple at acquisition
14.2x
EV/EBITDA · Oct 2025
Cumulative funding Akero Therapeutics raised
$135M
across 2 funding rounds
Key investors in Akero Therapeutics
Atlas Venture
Versant Ventures
venBio Partners
Apple Tree Partners
Cormorant Asset Management
Redmile Group
About Akero Therapeutics
Akero Therapeutics Inc is a clinical-stage biotechnology company focused on developing and commercializing transformative treatments for serious metabolic diseases with high unmet medical needs. Its focus is nonalcoholic steatohepatitis (MASH), or NASH, a disease without any approved therapies. The company's product candidate efruxifermin is an FGF21 analog with properties that have the potential to address the core processes underlying NASH pathogenesis.
Founded
2017
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Licensing
Valuation
$4.7B (acquired Oct 2025)
Sectors
Akero Therapeutics Acquisition
Akero Therapeutics was acquired by Novo Nordisk for $4.7B on 9 October 2025.
The acquisition price implies a 14.2x EBITDA multiple.
Before the acquisition Akero Therapeutics had raised $135M across 2 funding rounds.
Novo Nordisk, a Denmark-based global healthcare company focused on diabetes and chronic diseases, completed its acquisition of Akero Therapeutics, a South San Francisco clinical-stage biopharma developing treatments for metabolic diseases including metabolic dysfunction-associated steatohepatitis (MASH), on December 9, 2025. The deal, announced October 9, 2025, values Akero at up to $5.2 billion, with $4.7 billion upfront at $54 per share in cash for all outstanding shares and common stock equivalents, plus a $500 million non-transferable contingent value right (CVR) paying $6 per share upon US FDA approval of Akero's lead candidate efruxifermin (EFX), an FGF21 analogue, for compensated cirrhosis due to MASH by mid-2031. Post-closing, Akero became a wholly owned Novo Nordisk subsidiary, with its Nasdaq stock delisted. Akero's EFX is in three ongoing Phase 3 SYNCHRONY studies evaluating pre-cirrhotic fibrosis, compensated cirrhosis due to MASH, and MASH/MASLD, building on Phase 2b HARMONY and SYMMETRY trials showing efficacy including in F4 cirrhosis patients. Novo Nordisk views EFX as a potential first-in-class cornerstone therapy for MASH, complementing semaglutide (approved for F2-F3 MASH) and aligning with its strategy targeting diabetes, obesity, and comorbidities affecting overlapping patient populations of 117 million obesity, 36 million type 2 diabetes, and 16 million MASH cases in the US. The acquisition marks 2025's third major FGF21-MASH deal after GSK's $1.2 billion Boston Pharmaceuticals purchase and Roche's $3.5 billion 89bio agreement, amid rising MASH prevalence projected to impact 122 million US adults by 2050.
| Acquirer | Date | Type | Price | EV/EBITDA |
|---|---|---|---|---|
| 9 Oct 2025 | Strategic M&A | $4.7B | 14.2x |
Akero Therapeutics Funding History
Akero Therapeutics has raised a total of $135M across 2 funding rounds.
Akero Therapeutics' first fundraising round was a $65M Series A in June 2018. The most recent completed round was a $70M Series B in December 2018.
Akero Therapeutics funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Dec 2018 | Series B | Janus Henderson (lead); Boxer Capital; Redmile Group; Versant Ventures; Biotechnology Value Fund; Apple Tree Partners; Atlas Venture; LifeSci Venture Partners; Rock Springs Capital; venBio Partners; Cormorant Asset Management | $70M | Akero Therapeutics, a San Francisco-based biotechnology company, emerged from stealth in June 2018 with $65 million in Series A funding from Apple Tree Partners, Atlas Venture, venBio Partners, and Versant Ventures. On December 12, 2018, it closed a $70 million Series B round led by Janus Henderson Investors, with participation from new investors Redmile Group, Boxer Capital, Cormorant Asset Management, BVF Partners, Rock Springs Capital, and LifeSci Venture Partners, plus existing investors. The proceeds supported advancement of lead candidate AKR-001, a novel long-acting FGF21 analog, into a Phase IIa trial for non-alcoholic steatohepatitis (NASH) starting mid-2019, manufacturing scale-up, and pipeline expansion in metabolic diseases. Akero focused on building its team post-Series A, including hiring Kitty Yale as Chief Development Officer from Gilead and adding Mark Iwicki to the board. The company had no products approved or revenue as of its 2019 S-1 filing, reporting net losses of $4.6 million through December 2017 and $81.7 million for 2018, with an accumulated deficit of $91.9 million by March 31, 2019. Cash stood at $76 million as of December 31, 2018, and $69.8 million by March 31, 2019, funding operations into clinical stages. Akero later went public in 2019 with a $92 million IPO and advanced EFX (efrxuifermin, formerly AKR-001) through clinical trials for NASH/MASH, culminating in later developments like a $4.33-4.46 billion market cap prior to a 2025 acquisition announcement by Novo Nordisk at $54 per share plus CVR. |
| Jun 2018 | Series A | Apple Tree Partners (lead); Atlas Venture (lead); venBio Partners (lead); Versant Ventures (lead) | $65M | Akero Therapeutics, a biotechnology company focused on developing treatments for non-alcoholic steatohepatitis (NASH) and other serious metabolic diseases, closed a $65 million Series A financing round on June 25, 2018. The round was co-led by Apple Tree Partners, Atlas Venture, venBio Partners, and Versant Ventures, with Akero founded by Apple Tree Partners. Proceeds were intended to advance the lead clinical program AKR-001, a novel long-acting fibroblast growth factor 21 (FGF21) analog previously developed by Amgen, through Phase 2 clinical studies in NASH patients and to evaluate its potential in additional metabolic diseases. The investor syndicate reflected strong confidence in AKR-001's potential to address unmet needs in NASH, a serious liver disease. Akero's board at the time included Jonathan Young as President and CEO, alongside representatives from the lead investors: Aaron Kantoff from Apple Tree Partners, Kevin Bitterman from Atlas Venture, Aaron Royston from venBio Partners, and Graham Walmsley from Versant Ventures. The company planned to scale manufacturing and expand its pipeline in metabolic diseases. Akero later raised a $70 million Series B in December 2018 from a broader group of investors including some repeats like Apple Tree Partners, venBio, and Versant Ventures. The company went public via IPO in 2019-2020 alongside Stoke Therapeutics, delivering returns to early investors, and in October 2025 agreed to be acquired by Novo Nordisk for up to $5.2 billion. |
Who has invested in Akero Therapeutics?
11 investors have backed Akero Therapeutics across its funding rounds, including Atlas Venture, Versant Ventures, venBio Partners, Apple Tree Partners, Cormorant Asset Management and Redmile Group.
Lead investors include Janus Henderson, Apple Tree Partners, Atlas Venture, venBio Partners and Versant Ventures.
Akero Therapeutics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Jun 2018 | ||
| 2 | Lead | Jun 2018 | ||
| 2 | Lead | Jun 2018 | ||
| 2 | Lead | Jun 2018 | ||
| 1 | Participant | Dec 2018 | ||
| 1 | Participant | Dec 2018 | ||
| 1 | Lead | Dec 2018 | ||
| 1 | Participant | Dec 2018 | ||
| 1 | Participant | Dec 2018 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAkero Therapeutics Competitors
Akero Therapeutics competitors include listed companies like Wantai BioPharm, ACADIA Pharmaceuticals, Beijing Tongrentang and Hanmi Pharm, and private ones like Biocon Biologics and Intas Pharmaceuticals.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $271M | ($24M) | $4.7B | - | ||
| Publicly listed | $1.1B | $119M | $4.7B | 3.2x | ||
| Publicly listed | $2.6B | $447M | $4.7B | 1.9x | ||
| Publicly listed | $1.1B | $234M | $4.8B | 4.0x | ||
| Private | $1.1B | - | $4.5B | 4.2x | ||
| Private | $2B | - | $4.3B | 2.1x |
Akero Therapeutics Public Comps
Akero Therapeutics is no longer listed, but its public comps include Wantai BioPharm, ACADIA Pharmaceuticals, Beijing Tongrentang, Hanmi Pharm, Sumitomo Pharma, Shanghai RAAS, Ajanta Pharma, Veradermics, Iovance Biotherapeutics and SK Biopharmaceuticals.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $271M | ($24M) | 15.5x | - | (174.0x) | - | |||
| $1.1B | $119M | 3.6x | 3.2x | 32.3x | 33.6x | |||
| $2.6B | $447M | 1.8x | 1.9x | 10.6x | 12.7x | |||
| $1.1B | $234M | 4.3x | 4.0x | 20.9x | 15.5x | |||
| $2.9B | $690M | 1.8x | 1.6x | 7.4x | 6.2x | |||
| $1.1B | $315M | 4.7x | - | 16.2x | - | |||
| $564M | $158M | 8.0x | 7.4x | 28.6x | 27.6x | |||
| - | ($72M) | - | - | (52.0x) | (35.3x) | |||
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Common questions about Akero Therapeutics
| When was Akero Therapeutics founded? | Akero Therapeutics was founded in 2017. |
| Where is Akero Therapeutics headquartered? | Akero Therapeutics is headquartered in United States. |
| Is Akero Therapeutics publicly listed? | No, Akero Therapeutics was acquired by Novo Nordisk in October 2025. |
| Who acquired Akero Therapeutics? | Akero Therapeutics was acquired by Novo Nordisk in October 2025. |
| How much was Akero Therapeutics acquired for? | Akero Therapeutics was acquired for $4.7B in October 2025. |
| How much funding has Akero Therapeutics raised? | Akero Therapeutics has raised $135M across 2 funding rounds. |
| What was Akero Therapeutics' last funding round? | Akero Therapeutics' last funding round was a $70M Series B in December 2018, led by Janus Henderson. |
| Who are Akero Therapeutics' investors? | Akero Therapeutics' investors include Versant Ventures, Apple Tree Partners, Atlas Venture, venBio Partners, Boxer Capital, Redmile Group, Janus Henderson, Biotechnology Value Fund, LifeSci Venture Partners, Rock Springs Capital and 1 other. |
| Which companies are comparable to Akero Therapeutics? | Companies comparable to Akero Therapeutics include Wantai BioPharm, ACADIA Pharmaceuticals, Beijing Tongrentang, Hanmi Pharm, Biocon Biologics and Intas Pharmaceuticals. |
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