What Akero Therapeutics does

Akero Therapeutics is a clinical-stage biotechnology company founded in 2017 by Apple Tree Partners to develop efruxifermin (EFX), an investigational engineered Fc-FGF21 fusion protein designed to treat metabolic dysfunction-associated steatohepatitis (MASH). The molecule consists of two FGF21 analogues connected to an Fc domain, extending half-life and enabling sustained signaling through FGF21 receptors in liver and adipose tissue to address the metabolic, inflammatory, and fibrotic drivers of MASH. The company advanced EFX through Phase 2a (BALANCED), Phase 2b (HARMONY in F2/F3 patients and SYMMETRY in compensated cirrhosis F4), and three Phase 3 trials (SYNCHRONY Histology, SYNCHRONY Real-World, SYNCHRONY Outcomes) targeting the full MASH disease spectrum.

EFX received FDA Breakthrough Therapy Designation in 2022 based on HARMONY readout, which showed statistically significant fibrosis improvement at Week 24 and sustained benefit through Week 96. Manufacturing is supported through partnerships with Boehringer Ingelheim and Vetter Pharma, and the technology foundation is built on an exclusive FGF21 license from Amgen. The company raised over $1.1 billion in cumulative capital across Series A/B rounds, a 2019 NASDAQ IPO, and multiple follow-on public offerings through 2024.

Akero was acquired by Novo Nordisk in December 2025 for $4.7 billion in cash (up to $5.2 billion including contingent value rights tied to EFX regulatory approval), becoming a wholly owned Novo Nordisk subsidiary with its common stock delisted from NASDAQ. Prior to acquisition, Akero was pre-revenue with no commercialized products; future EFX commercialization revenue, if approved, flows through Novo Nordisk's established global metabolic-disease sales infrastructure.

Name

Akero Therapeutics

Legal name

Akero Therapeutics, Inc.

Website

https://akerotx.com

Company type

Public

Founded year

2017

Operating status

Acquired

Headcount range

51–100 employees

Short description

Akero Therapeutics is a clinical-stage biotechnology company developing efruxifermin (EFX), an Fc-FGF21 fusion protein for the treatment of MASH across fibrosis stages F1-F4. Founded in 2017, Akero was acquired by Novo Nordisk in December 2025 for $4.7 billion.

Ownership category

akta.pro rank

Product category

MASH Therapeutics

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Research and Development in Biotechnology (except Nanobiotechnology) (541714), Pharmaceutical and Medicine Manufacturing (32541)

SIC

Pharmaceutical Preparations (2834), Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Gastroenterology & Hepatology Pharmaceuticals (HLAIAAAI)

akta.pro secondary industry

Gastroenterology Specialty Pharmaceuticals (HLAIACAE)

Keywords

• MASH therapeutics
• Metabolic disease drugs
• Fc-FGF21 fusion protein
• Liver disease biopharmaceuticals
• Fibrosis drug development

Headquarters

HQ city

Cambridge

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Supply Chain

Revenue model

1. Drug Commercialization (Post-Acquisition): Akero was a pre-revenue clinical-stage company. As a Novo Nordisk subsidiary post-December 2025 acquisition, any future revenue from EFX commercialization will flow through Novo Nordisk's commercial operations.

Go-to-market motion1 record

Marketing channels3 records

Core offering

Akero Therapeutics is a clinical-stage biopharmaceutical company developing efruxifermin (EFX), an engineered Fc-FGF21 fusion protein, as a treatment for metabolic dysfunction-associated steatohepatitis (MASH). The lead asset is being evaluated across three Phase 3 trials in the SYNCHRONY program (Histology, Real-World, and Outcomes) for patients with MASH and moderate to advanced fibrosis. The company was acquired by Novo Nordisk in December 2025 to commercialize EFX.

Product overview

Akero Therapeutics is a clinical-stage biotechnology company developing efruxifermin (EFX), a novel FGF21 analogue engineered as an Fc-FGF21 fusion protein for the treatment of metabolic dysfunction-associated steatohepatitis (MASH). The company's development pipeline is anchored by EFX, which is currently in Phase 3 clinical trials through the SYNCHRONY program. Akero was acquired by Novo Nordisk in December 2025 to advance EFX through regulatory approval.

Differentiator

Problem solved

Functional benefit

Products and services

• Efruxifermin (EFX)
• HARMONY Phase 2b Trial A Phase 2b clinical trial (HARMONY) of EFX in patients with MASH and F2/F3 fibrosis, which showed statistically significant improvements in liver fibrosis without worsening of NASH.
• SYNCHRONY Phase 3 Program A Phase 3 clinical program comprising three trials (SYNCHRONY Histology, SYNCHRONY Real-World, and SYNCHRONY Outcomes) evaluating EFX in MASH patients. SYNCHRONY Outcomes is the only Phase 3 MASH trial with a hepatic clinical outcome primary endpoint.

Quantifiable outcome

• In Phase 2b HARMONY trial: EFX showed statistically significant improvements in fibrosis and MASH after 24 weeks in people with MASH with moderate or advanced fibrosis (F2/F3).
• +2 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Novo NordiskcoreStrategic or Co-development Partner · 9 December 2025Novo Nordisk acquired Akero Therapeutics for $4.7 billion (up to $5.2 billion with contingent payments), adding EFX to Novo Nordisk's portfolio of treatments across the stages of MASH. Deal completed December 9, 2025.
• HeptaminorStrategic or Co-development Partner · 1 November 2025Collaboration where Hepta used Akero's SYNCHRONY Phase 3 program patient data to validate their blood test for identifying treatment-eligible MASH patients. Data showed Hepta's blood test outperformed three guideline-recommended non-invasive tests.
• AmgencoreTechnology or Integration · 1 January 2018Akero entered into a license agreement with Amgen for FGF21 technology, which became the foundation for developing efruxifermin (EFX). This licensing deal was critical to establishing Akero's core technology platform.
• Boehringer-IngelheimcoreStrategic or Co-development Partner · 1 January 2018Manufacturing partnership established for the production of efruxifermin. Boehringer-Ingelheim is a leading global pharmaceutical contract manufacturer.
• Vetter PharmacoreStrategic or Co-development Partner · 1 January 2018Manufacturing partnership established for the production of efruxifermin. Vetter Pharma is a global contract development and manufacturing organization.

Scale indicators4 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Madrigal Pharmaceuticals: Direct competitor in MASH — developed resmetirom (Rezdiffra), the first FDA-approved therapy for MASH. Competes with Akero's EFX for the same hepatology patient population and prescriber base.
• Inventiva: France-based clinical-stage biotech developing lanifibranor, a pan-PPAR agonist for MASH. Competes directly with EFX in the late-stage MASH clinical pipeline.
• Viking Therapeutics: Clinical-stage metabolic disease biotech with VK2809 (thyroid receptor agonist) for MASH plus a broader metabolic pipeline. Competes with Akero for MASH prescriber mindshare and investor capital.
• 89bio: Closest mechanistic peer — developing pegozafermin, an FGF21 analog also being studied for MASH. Competes head-to-head with EFX in the FGF21 class and represents Akero's most direct clinical competitor.

Broad incumbents

• Novo Nordisk: Acquired Akero in December 2025 for $4.7B and is itself developing semaglutide for MASH. Novo Nordisk is now both parent and a competing program owner within the MASH therapeutic area.
• Bristol-Myers Squibb: Large pharmaceutical company with a metabolic disease franchise and biologics manufacturing scale. Overlaps with Akero as a major-pharma competitor and potential partner in hepatology.
• Eli Lilly: Major metabolic-disease incumbent with tirzepatide and broader MASH-adjacent programs. Represents a large-pharma competitor and potential strategic acquirer/partner for novel MASH assets like EFX.
• Intercept Pharmaceuticals: Pioneer in MASH drug development with obeticholic acid (OCALIVA). Despite regulatory setbacks in MASH, Intercept shaped the MASH development paradigm and overlaps with Akero in hepatology commercial strategy.

Emerging players

• NGM Biopharmaceuticals: Previously developed aldafermin (FGF19 analog) for MASH and other metabolic programs. Operates in the same FGF-axis hepatology space and represents an adjacent metabolic disease competitor.
• Terns Pharmaceuticals: Clinical-stage biotech with TERN-501, an oral thyroid receptor beta agonist for MASH. Represents a smaller-scale but mechanistically overlapping MASH competitor.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xtwitter.com/akerotx
• LinkedInlinkedin.com/company/akerotx

Revenue estimate

Valuation estimate

Number of profiles

Profiles24 records

Funding overview

Funding rounds7 records

Investors20 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Akero Therapeutics