9th Oct 2025 15:40
International Biotechnology Trust PLC - investor in biotech and life science companies - Notes portfolio firm Akero Therapeutics Inc as agreed to be taken over by Novo Nordisk AS in a deal worth up to EUR5.2 billion. Novo Nordisk will pay an initial USD54 per share, with a contingent portion of the deal worth USD6 per share. The Bagsvaerd, Denmark-based pharmaceuticals company will pay an initial EUR4.7 billion to buy the firm, and a potential additional payment of EUR500 million, hinging on US regulatory approval for key Akero treatment Efruxifermin. The deal adds Akero's Efruxifermin to Novo Nordisk's portfolio. The asset is aimed at treating metabolic dysfunction-associated steatohepatitis, a disease caused by fat buildup in the liver.
"This agreed offer represents a 19% premium to Akero's 30-day volume weighted average price, and a 42% premium to Akero's closing price on 19 May 2025, prior to market speculation," IBT says, noting Akero represents 2.9% of its net asset value.
Portfolio managers Ailsa Craig and Marek Poszepczynski say: "Novo Nordisk's acquisition of Akero is IBT's 8th M&A deal for a holding in our portfolio so far this year, and our 33rd since 2020, with our investment strategy focused on identifying potential acquisition targets continuing to deliver returns for shareholders. Large pharmaceutical companies face challenging patent expiries over the coming years, driving continued appetite for acquisitions of biotech companies. We therefore expect this strong period of M&A activity to persist for the foreseeable future, creating further opportunities for IBT to take advantage."
Current stock price: 835.45 pence, up 2.4% on Thursday afternoon in London
12-month change: up 23%
By Eric Cunha, Alliance News news editor
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