FibroGen Sells Chinese Subsidiary to AstraZeneca
US-based biotechnology company FibroGen announced the sale of its China subsidiary to AstraZeneca for approximately $160 million.
Under the terms of the agreement, FibroGen will receive an enterprise value of $85 million plus FibroGen net cash held in China at closing, currently estimated to be approximately $75 million. The transaction is expected to close by mid-2025, pending customary closing conditions, including regulatory review in China.
Upon closing, AstraZeneca will obtain all rights to roxadustat in China. According to FibroGen, roxadustat is the category leader in brand value share for the treatment of anemia in chronic kidney disease with a pending regulatory decision for chemotherapy-induced anemia.
“Today, we announced the sale of FibroGen China to AstraZeneca, our long-time strategic partner for roxadustat in China, bolstering our company on several fronts. It strengthens our financial position, meaningfully extending our cash runway into 2027, and enables us to continue progressing the clinical development program for FG-3246, our first-in-class, CD46 targeting antibody drug conjugate, and FG-3180, our companion PET imaging agent, in mCRPC [metastatic castration-resistant prostate cancer],” said Thane Wettig, CEO of FibroGen.
FibroGen said that it maintains its rights to roxadustat in the US 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 (LR-MDS), a high-value indication with significant unmet medical need.
In addition, FibroGen is advancing 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 the second quarter of 2025.
