Workflow
FibroGen(FGEN) - 2024 Q4 - Annual Results
FGENFibroGen(FGEN)2025-03-17 20:10

Transaction Details - FibroGen entered into a share purchase agreement with AstraZeneca to sell FibroGen International for approximately 160million,including160 million, including 85 million in cash and an estimated 75millioninnetcashheldinChina[7].−Thetransactionisexpectedtoclosebymid−2025,pendingregulatoryapprovalfromtheChinaStateAdministrationforMarketRegulation[7].−Uponclosing,AstraZenecawillacquireallrightstoroxadustatinChina,HongKong,andMacao,whileFibroGenretainsrightsintheUnitedStates,Canada,andMexico[8][9].−ThecashpayablebyAstraZenecaatclosingincludesholdbacksof75 million in net cash held in China[7]. - The transaction is expected to close by mid-2025, pending regulatory approval from the China State Administration for Market Regulation[7]. - Upon closing, AstraZeneca will acquire all rights to roxadustat in China, Hong Kong, and Macao, while FibroGen retains rights in the United States, Canada, and Mexico[8][9]. - The cash payable by AstraZeneca at closing includes holdbacks of 6 million for final net cash adjustments and 4millionforindemnityclaims[10].−FibroGenwillassignitsrightstocertainpatentsandtrademarksrelatedtoroxadustatintheregionsacquiredbyAstraZeneca[12].−AstraZenecaisalong−timecommercializationpartnerforroxadustatinGreaterChinaandSouthKorea[8].FinancialInformation−AsofDecember31,2024,FibroGenestimatedithadapproximately4 million for indemnity claims[10]. - FibroGen will assign its rights to certain patents and trademarks related to roxadustat in the regions acquired by AstraZeneca[12]. - AstraZeneca is a long-time commercialization partner for roxadustat in Greater China and South Korea[8]. Financial Information - As of December 31, 2024, FibroGen estimated it had approximately 121.1 million in cash, cash equivalents, and accounts receivable[15]. - The estimated cash held in China is subject to change before closing, and the total amount payable to Morgan Stanley Tactical Value may also change materially[14]. - The preliminary financial information provided is unaudited and may be subject to adjustments before the year-end audited financial statements are completed[16][17]. Employment Impact - The sale will result in the cessation of employment for Christine L. Chung, Senior Vice President of China Operations, who is entitled to severance benefits[19].