RCS - Intnl. Biotechnology - Novo Nordisk to acquire portfolio company Akero

International Biotechnology TrustAnnouncement

09/10/2025 14:45

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RNS Number : 7945C  Intl. Biotechnology Trust PLC  09 October 2025

INTERNATIONAL BIOTECHNOLOGY TRUST PLC ("IBT")

Novo Nordisk agrees to acquire IBT portfolio company Akero

IBT notes the announcement this morning
(https://ir.akerotx.com/news-releases/news-release-details/akero-therapeutics-be-acquired-novo-nordisk-52-billion)
that Akero Therapeutics, Inc. ("Akero") has entered into a definitive
agreement to be acquired by Novo Nordisk for up to $5.2 billion in cash.

Based in San Francisco, Akero (https://akerotx.com/) is a clinical-stage
biotech company focused on metabolic diseases. Addressing an area of high
unmet medical need, efruxifermin ("EFX"), its flagship treatment for metabolic
dysfunction-associated steatohepatitis (MASH), is in late-stage development.

Under the terms of the agreement, Akero shareholders will receive $54.00 per
share in cash at closing and a non-transferable Contingent Value Right
entitling holders to receive a cash payment of $6.00 per share upon full US
regulatory approval of EFX for treatment of compensated cirrhosis due to MASH,
by 30 June, 2031.

This agreed offer represents a 19% premium to Akero's 30-day Volume Weighted
Average Price (VWAP), and a 42% premium to Akero's closing price on 19 May
2025, prior to market speculation. As at close of business yesterday, 8
October, Akero represented 2.9% of IBT's Net Asset Value, as included in IBT's
regular daily NAV update
(https://www.londonstockexchange.com/news-article/IBT/net-asset-value-s/17271612)
earlier this morning.

Commenting on the news, Ailsa Craig and Marek Poszepczynski, portfolio
managers of IBT, said:

"Novo Nordisk's acquisition of Akero is IBT's 8(th) M&A deal for a holding
in our portfolio so far this year, and our 33(rd) 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."

The updated valuation of IBT's holding in Akero will be included in IBT's NAV
as at close of business today, to be reported in the usual way tomorrow
morning, 10 October.

To sign up for IBT updates by email, please click here
(https://www.schroders.com/en-gb/uk/individual/never-miss-an-update/) .

ENDS

 

Enquiries:

 

 Schroder Investment Management Limited

 Kirsty Preston (PR)                                                  020 7658 6000

 Natalia de Sousa (Company Secretary)                                 020 7658 6000

 Kaso Legg Communications (Financial PR)                              IBT@kl-communications.com (mailto:IBT@kl-communications.com)

 Charles Gorman

 Henry Taylor

 Effie Aye Maung Hider

 

 

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