Novo Raises €4 Billion in Bonds to Fund Akero Acquisition

Novo Nordisk A/S raised €4 billion ($4.7 billion) in a multi-tranche bond sale to help finance its planned purchase of US biotech Akero Therapeutics Inc., with tight pricing leading investors to pull back from an initial deluge of orders.

Final demand for the Danish drugmaker’s offering more than halved to €7.1 billion, from a peak orderbook of €15 billion, as Novo slashed spreads on all the bonds, according to a person familiar with the deal. The six-part sale, with maturities ranging from two- to 20-years, will help finance the acquisition of Akero that Novo is buying for as much as $5.2 billion.