FibroGen Announces the Sale of FibroGen China to AstraZeneca for Approximately $160 Million

Core Viewpoint - FibroGen, Inc. has announced the sale of its China subsidiary to AstraZeneca for approximately $160 million, which is expected to strengthen its financial position and extend its cash runway into 2027 [1][2]. Financial Impact - The sale includes an enterprise value of$85 million plus an estimated $75 million in net cash held in China at closing, totaling approximately$160 million [2][7]. - Following the transaction, FibroGen will repay its term loan facility to Morgan Stanley Tactical Value, simplifying its capital structure [2][7]. Strategic Developments - The transaction allows FibroGen to continue advancing its clinical development programs, particularly for FG-3246, a first-in-class CD46 targeting antibody drug conjugate, and FG-3180, a companion PET imaging agent, with a Phase 2 trial for FG-3246 expected to begin in Q2 2025 [2][5]. - FibroGen retains rights to roxadustat in the U.S. and other markets not licensed to Astellas, and is evaluating a development plan for roxadustat in anemia associated with lower-risk myelodysplastic syndrome (LR-MDS) [4][8]. Market Position - Roxadustat is a leading treatment for anemia in chronic kidney disease in China, with a pending regulatory decision for chemotherapy-induced anemia [3].