Novo Nordisk shares fall on 'costly' Akero Therapeutics acquisition

Shares in Novo Nordisk NOVOb.CO fall around 2% after it agreed to buy drug developer Akero Therapeutics AKRO.O for up to $5.2 billion

Novo says it will buy Akero for $4.7 billion in cash, along with $500 million contingent upon meeting certain milestones

Nordnet analyst Per Hansen says the acquisition is costly and shows Novo is "still building on the breadth of its portfolio"

"The share price reaction may be a sign of something that is not mentioned in the announcement from Novo Nordisk: the share buyback," he adds

Novo's Danish peer Zealand Pharma ZELA.CO is down about 2.4%; Hansen notes Akero is active in treatment of fatty liver disease, like Zealand Pharma