FibroGen selling FibroGen China to AstraZeneca for $160M

FibroGen (FGEN) announced the sale of its China subsidiary to AstraZeneca (AZN) for approximately $160M. FibroGen will receive an enterprise value of $85M plus FibroGen net cash held in China at closing, currently estimated to be approximately $75M, totaling approximately $160M. The transaction is expected to close by mid-2025, pending customary closing conditions, including regulatory review in China. Following the close of the transaction, FibroGen will repay its term loan facility to investment funds, further simplifying the company’s capital structure. The combined transactions are expected to extend the company’s cash runway into 2027. Upon closing, AstraZeneca will obtain all rights to roxadustat in China. FibroGen maintains its rights to roxadustat in the U.S. and in all markets not licensed to Astellas. The company continues to evaluate a development plan for roxadustat in anemia associated with lower-risk myelodysplastic syndrome. The company is planning for an FDA meeting in Q2 to determine the potential next steps for the development program for roxadustat in the U.S. In addition, FibroGen continues to advance the clinical development of its lead asset, FG-3246, and its companion PET imaging agent, FG-3180, with the initiation of the Phase 2 monotherapy trial of FG-3246 in patients with mCRPC expected in Q2.