Novo in $5.2 Billion Deal for Liver Disease Drugmaker Akero (2)

Novo Nordisk A/S agreed to buy Akero Therapeutics Inc. for as much as $5.2 billion to expand its portfolio in a type of liver disease that’s linked to obesity.

Novo will pay $54 a share in cash, equivalent to $4.7 billion, and reflecting a premium of about 16% to Akero’s closing price of $46.49 on Wednesday. A further $500 million could be paid depending on regulatory milestones being met, the Danish drugmaker said Thursday.

Akero has an experimental treatment for metabolic dysfunction-associated steatohepatitis, or MASH, that’s in late-stage trials for liver fibrosis and cirrhosis patients.

Novo said the Akero drug, ...