Akero built and sold (2018-2025)
Andrew Cheng took over Akero Therapeutics before its IPO and built it around a liver-disease drug. In December 2025, Novo Nordisk agreed to buy the company for up to $5.2 billion.
Akero's backers and executives realized a large payout, and the team was freed to start over.
The exit gave Cheng's group the track record and investor relationships that made Avere's $320 million raise possible.
The same people, and some of the same investors, are behind Avere. Their Akero result is why this new bet drew money so fast.
