NOVO NORDISK B

Novo Nordisk on Friday appointed a new chairman and revamped its board, concluding a power struggle with its controlling shareholder, the Novo Nordisk Foundation.

Novo Nordisk said Friday it will not increase its offer to acquire U.S. drug developer Metsera Inc., ending a bidding war and citing a commitment to financial discipline.

Novo Nordisk on Wednesday narrowed its full-year financial outlook, citing slowing growth for its key obesity and diabetes drugs, as the company prepares for a board overhaul following a dispute with its controlling shareholder.

Novo Nordisk has made an unsolicited proposal to acquire drug developer Metsera Inc. in a deal worth up to $9 billion, as the Danish pharmaceutical giant continues its push to expand its portfolio of obesity and diabetes treatments.

Novo Nordisk Chairman Helge Lund and most of the company's independent directors will step down following a dispute with its controlling shareholder, the Novo Nordisk Foundation, over the board's future makeup.

Novo Nordisk agreed to acquire Akero Therapeutics for up to $5.2 billion, a move to bolster its portfolio of treatments for a serious liver disease linked to obesity.