Words by GOLD newsdesk
FibroGen, Inc. has announced the sale of its China subsidiary to AstraZeneca for approximately $160m. The transaction, expected to close by mid-2025, includes an enterprise value of $85m plus an estimated $75m in net cash held in China at closing.
The deal strengthens the biotech company's financial position, extending its cash runway into 2027, according to CEO Thane Wettig. “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,” he said. Roxadustat is a treatment for adults with symptomatic anaemia due to chronic kidney disease (CKD).
While FibroGen is selling its China operations, it retains rights to roxadustat in the US and other non-Astellas licensed markets. Astellas holds exclusive rights to the drug in Japan, Europe, and select other territories under an existing partnership agreement.
Wettig's company is also pursuing new indications for roxadustat in the US, with a potential FDA meeting scheduled for Q2 2025 to discuss its development in lower-risk myelodysplastic syndrome, a condition with significant unmet medical needs.
The sale also enables FibroGen to focus on its oncology pipeline, particularly FG-3246 – a first-in-class antibody-drug conjugate for metastatic castration-resistant prostate cancer.
“Now, we turn the page to the next exciting chapter for FibroGen,” Wettig concluded, signalling a strategic pivot towards oncology while reinforcing financial stability.
