Novo Nordisk (NVO) Acquires Akero (AKRO) for up to $5.2B
- BiopharmIQ
- Oct 12
- 2 min read
The $AKRO $NVO M&A announcement earlier was a strong signal, check our post after the ETNB acquisition for context. In addition, AKRO was in 4 of our 5 hedge fund favorite accounts.
Deal Terms
$54/share cash + $6/share CVR tied to FDA approval of efruxifermin (EFX) for MASH cirrhosis
57% premium to Akero’s pre-deal price
Adds Phase 3 FGF21 analog EFX to Novo’s metabolic portfolio
FGF21 analogue EFX is the only treatment to show significant fibrosis regression in phase 2 in patients with compensated cirrhosis (F4)
Hedge Fund Favorites = Higher M&A Odds
A few years ago, we showed that top biopharma hedge fund holdings are 2.5–3x more likely to be acquired than other smid-cap biopharma names.
Hedge fund favorites: ~25–30% acquisition rate
Other smid-caps: ~9% (60 of ~700 companies)
Interesting Coincidence: VRNA/Merck Deal Closes
Another hedge fund favorite, VRNA, was held in 3 of 4 top accounts when its acquisition was announced last quarter. That deal closed yesterday too.
XBI gaining momentum
With M&A activity picking up and interest rates trending lower, XBI has surged over the past 6 months, with gains accelerating in the last month.
Investor Takeaway
Tracking hedge fund favorites in smid-cap biopharma continues to be a high-conviction strategy. The data backs it up and recent deals prove it.
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This article is not investment, tax, or legal advice. Please do your own diligence and seek advice from professional advisors representing your interests.
Article history:
First published 10/10/25 EJV, JD, AV
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