FibroGen Completes Sale of FibroGen China to AstraZeneca for Approximately $220 Million
FibroGen (NASDAQ: FGEN) has completed the sale of its China subsidiary to AstraZeneca for approximately $220 million, comprising $85 million in enterprise value and $135 million in net cash held in China. This amount represents a $60 million increase from initial guidance.
Following the transaction, FibroGen has repaid its term loan to Morgan Stanley Tactical Value for approximately $81 million and extended its cash runway into 2028. The company retains roxadustat rights in the U.S. and markets not licensed to Astellas (excluding China and South Korea).
The company plans to submit a Phase 3 protocol for roxadustat in anemia associated with lower-risk MDS in Q4 2025 and initiate a Phase 2 monotherapy trial of FG-3246 in metastatic castration-resistant prostate cancer in Q3 2025.
FibroGen (NASDAQ: FGEN) ha completato la cessione della sua controllata in Cina ad AstraZeneca per circa 220 milioni di dollari, di cui 85 milioni relativi al valore d'impresa e 135 milioni in liquidità netta detenuta in Cina. Si tratta di un aumento di 60 milioni rispetto alle stime iniziali.
A seguito dell'operazione, FibroGen ha rimborsato il prestito a termine a Morgan Stanley Tactical Value per circa 81 milioni di dollari, estendendo la sua disponibilità di cassa fino al 2028. L'azienda mantiene i diritti su roxadustat negli USA e nei mercati non concessi in licenza ad Astellas (esclusi Cina e Corea del Sud).
La società prevede di presentare un protocollo di Fase 3 per roxadustat nell'anemia associata a MDS a basso rischio nel quarto trimestre 2025 e di avviare una Fase 2 in monoterapia di FG-3246 nel tumore prostatico metastatico resistente alla castrazione nel terzo trimestre 2025.
FibroGen (NASDAQ: FGEN) ha completado la venta de su filial en China a AstraZeneca por aproximadamente 220 millones de dólares, que incluyen 85 millones de valor empresarial y 135 millones en efectivo neto mantenido en China. Esta cifra supone un incremento de 60 millones respecto a la guía inicial.
Tras la transacción, FibroGen ha reembolsado su préstamo a plazo con Morgan Stanley Tactical Value por alrededor de 81 millones de dólares y ha ampliado su disponibilidad de efectivo hasta 2028. La compañía conserva los derechos de roxadustat en EE. UU. y en los mercados no licenciados a Astellas (excluyendo China y Corea del Sur).
La empresa planea presentar un protocolo de Fase 3 para roxadustat en la anemia asociada a MDS de bajo riesgo en el cuarto trimestre de 2025 e iniciar un ensayo de Fase 2 en monoterapia de FG-3246 en cáncer de próstata metastásico resistente a la castración en el tercer trimestre de 2025.
FibroGen (NASDAQ: FGEN)은 중국 자회사를 AstraZeneca에 약 2억 2천만 달러에 매각을 완료했습니다. 이는 기업가치 8,500만 달러와 중국에 보유 중인 순현금 1억 3,500만 달러로 구성되며, 초기 가이던스보다 6,000만 달러 증가한 금액입니다.
거래 완료 후 FibroGen은 Morgan Stanley Tactical Value에 대한 약 8,100만 달러의 기한부 대출을 상환했고, 현금 운전 자금을 2028년까지 연장했습니다. 회사는 미국과 Astellas에 라이선스되지 않은 시장(중국 및 한국 제외)에서 roxadustat 권리를 보유합니다.
회사는 2025년 4분기에 저위험 MDS 관련 빈혈에 대한 roxadustat의 3상 프로토콜을 제출하고, 2025년 3분기에 전립선암 전이성 거세저항성 환자 대상 FG-3246 단독요법 2상 시험을 시작할 계획입니다.
FibroGen (NASDAQ: FGEN) a finalisé la cession de sa filiale en Chine à AstraZeneca pour environ 220 millions de dollars, comprenant 85 millions de valeur d'entreprise et 135 millions de trésorerie nette détenue en Chine. Ce montant représente une hausse de 60 millions par rapport aux indications initiales.
Suite à la transaction, FibroGen a remboursé son prêt à terme auprès de Morgan Stanley Tactical Value pour environ 81 millions de dollars et a prolongé sa trésorerie jusqu'en 2028. La société conserve les droits sur roxadustat aux États-Unis et sur les marchés non concédés sous licence à Astellas (à l'exclusion de la Chine et de la Corée du Sud).
La société prévoit de soumettre un protocole de Phase 3 pour roxadustat dans l'anémie associée au SMD à faible risque au T4 2025 et de lancer un essai de Phase 2 en monothérapie de FG-3246 dans le cancer de la prostate métastatique résistant à la castration au T3 2025.
FibroGen (NASDAQ: FGEN) hat den Verkauf seiner China-Tochter an AstraZeneca für rund 220 Millionen US-Dollar abgeschlossen, bestehend aus 85 Millionen US-Dollar Firmenwert und 135 Millionen US-Dollar Nettobarmitteln in China. Dies entspricht einer Erhöhung um 60 Millionen gegenüber der ursprünglichen Prognose.
Nach der Transaktion hat FibroGen seinen Terminkredit bei Morgan Stanley Tactical Value in Höhe von rund 81 Millionen US-Dollar zurückgezahlt und seine Liquiditätsreichweite bis 2028 verlängert. Das Unternehmen behält die Rechte an Roxadustat in den USA und in Märkten, die nicht an Astellas lizenziert sind (ausgenommen China und Südkorea).
Das Unternehmen plant, im 4. Quartal 2025 ein Phase-3-Protokoll für Roxadustat bei Anämie im Zusammenhang mit niedrigem Risiko MDS einzureichen und im 3. Quartal 2025 eine Phase-2-Monotherapie-Studie von FG-3246 bei metastasiertem kastrationsresistentem Prostatakarzinom zu starten.
- Sale of China subsidiary for $220 million, $60 million above initial guidance
- Cash runway extended into 2028, strengthening financial position
- Successfully repaid Morgan Stanley term loan, simplifying capital structure
- Retained rights to roxadustat in U.S. and other key markets
- Positive FDA meeting for roxadustat Phase 3 trial in LR-MDS
- Complete exit from Chinese market, losing direct access to world's second-largest pharmaceutical market
Insights
FibroGen's $220M sale of its China business to AstraZeneca strengthens balance sheet, extends cash runway to 2028, and enables clinical advancement of key assets.
FibroGen has successfully completed the sale of its China subsidiary to AstraZeneca for approximately $220 million, representing a
The deal accomplishes several strategic objectives for FibroGen. First, it has enabled the company to fully repay its term loan to Morgan Stanley Tactical Value (
This financial cushion allows FibroGen to advance its pipeline without immediate capital raising concerns. The company can now focus on two key clinical programs: the imminent Phase 2 monotherapy trial of FG-3246 in metastatic castration-resistant prostate cancer (mCRPC) scheduled for Q3 2025, and the submission of a Phase 3 protocol for roxadustat in anemia associated with lower-risk myelodysplastic syndromes (MDS) in Q4 2025.
The transaction streamlines FibroGen's operations while preserving its commercial rights to roxadustat in the U.S. and other key markets (excluding China and South Korea). By divesting the China business while maintaining its core intellectual property and development pipeline, FibroGen has executed a targeted strategy to strengthen its financial foundation while remaining focused on its highest-potential clinical programs.
- Total consideration for the sale of FibroGen China to AstraZeneca is approximately
$220 million , a$60 million increase from initial guidance - Successfully repaid term loan to Morgan Stanley Tactical Value, further simplifying the Company’s capital structure
- Phase 2 monotherapy trial of FG-3246 in metastatic castration-resistant prostate cancer (mCRPC) remains on track to begin in 3Q 2025
- Cash runway extended into 2028
SAN FRANCISCO, Sept. 02, 2025 (GLOBE NEWSWIRE) -- FibroGen, Inc. (NASDAQ: FGEN) today announced it has completed the sale of its China subsidiary to AstraZeneca for a total consideration of approximately
“We are thrilled to announce the completion of the sale of FibroGen China to AstraZeneca and are thankful to the teams who worked relentlessly to bring this to a successful close. This transformative transaction substantially strengthens our financial position, and extends our cash runway into 2028, through important clinical milestones,” said Thane Wettig, Chief Executive Officer of FibroGen. “With a rejuvenated capital structure, we are on track to commence the Phase 2 monotherapy trial of FG-3246 in mCRPC imminently as well as submit the Phase 3 protocol for roxadustat in anemia associated with lower-risk MDS in the fourth quarter of 2025. Additionally, I would like to express my personal gratitude to our FibroGen China colleagues for their unwavering commitment to the success of roxadustat and to AstraZeneca for being an excellent partner over the past 10 years 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
FibroGen maintains its rights to roxadustat in the U.S. and in all markets not licensed to Astellas (other than China and South Korea). Following a positive meeting with the U.S. Food and Drug Administration (FDA), 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.
BofA Securities, Inc. acted as exclusive financial advisor and Ropes & Gray LLP acted as primary legal advisor to FibroGen on this transaction.
About FibroGen
FibroGen, Inc. is a biopharmaceutical company focused on development of novel therapies at the frontiers of cancer biology and anemia. Roxadustat (爱瑞卓®, EVRENZOTM) is currently approved in China, Europe, Japan, and numerous other countries for the treatment of anemia in chronic kidney disease (CKD) patients on dialysis and not on dialysis. The Company continues to evaluate a development plan for roxadustat in anemia associated with lower-risk myelodysplastic syndrome (LR-MDS) in the U.S. FG-3246 (also known as FOR46), a first-in-class antibody-drug conjugate (ADC) targeting CD46 is in development for the treatment of metastatic castration-resistant prostate cancer. This program also includes the development of FG-3180, an associated CD46-targeted PET biomarker. For more information, please visit www.fibrogen.com.
Forward-Looking Statements
This release contains forward-looking statements regarding FibroGen’s strategy, future plans and prospects, including statements regarding its commercial products and clinical programs. These forward-looking statements include, but are not limited to, statements regarding regulatory interactions, the closing of the sale of FibroGen China and the approximate proceeds and costs therefrom, statements regarding the expectation that cash, cash equivalents and accounts receivable will be sufficient to fund FibroGen’s operating plans into 2028, and statements about FibroGen’s plans and objectives. These forward-looking statements are typically identified by use of terms such as “may,” “will”, “should,” “on track,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. FibroGen’s actual results may differ materially from those indicated in these forward-looking statements due to risks and uncertainties related to the continued progress and timing of its various programs, including the enrollment and results from ongoing and potential future clinical trials, and other matters that are described in FibroGen’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, each as filed with the Securities and Exchange Commission (SEC), including the risk factors set forth therein. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and FibroGen undertakes no obligation to update any forward-looking statement in this press release, except as required by law.
For Investor Inquiries:
David DeLucia, CFA
Senior Vice President and Chief Financial Officer
ir@fibrogen.com
FAQ
How much did AstraZeneca pay for FibroGen China in the 2025 acquisition?
What will FibroGen do with the proceeds from the China subsidiary sale?
What rights does FibroGen retain for roxadustat after the AstraZeneca deal?
What are FibroGen's upcoming clinical trial milestones in 2025?
How long will FibroGen's cash runway extend after the China subsidiary sale?
