FibroGen completes sale of FibroGen China to AstraZeneca for $220M

FibroGen (FGEN) completed the sale of its China subsidiary to AstraZeneca (AZN) for a total consideration of approximately $220M, consisting of $85M in enterprise value and approximately $135M in net cash held in China. The completion of the sale follows the fulfilment of all closing conditions. At closing, FibroGen repaid its term loan facility to investment funds managed by Morgan Stanley Tactical Value for approximately $81 million. The successful completion of the sale extends the Company’s cash runway into 2028. FibroGen maintains its rights to roxadustat in the U.S. and in all markets not licensed to Astellas. Following a positive meeting with the U.S. Food and Drug Administration, the Company intends to file the pivotal Phase 3 clinical trial protocol for roxadustat for the treatment of anemia in patients with LR-MDS and high transfusion burden in the fourth quarter of 2025. In addition, FibroGen continues to advance the clinical development of its lead asset FG-3246, and its companion diagnostic FG-3180, and is on track to initiate the Phase 2 monotherapy trial of FG-3246 in patients with mCRPC in the third quarter of 2025.