FibroGen Completes Sale Of China Subsidiary To AstraZeneca for $220 Million, Strengthens Balance Sheet And Extends Cash Runway Into 2028

FibroGen, Inc. has announced the completion of the sale of its China subsidiary to AstraZeneca for a total consideration of approximately $220 million. The deal includes $85 million in enterprise value along with about $135 million in net cash held in China. The transaction closed following the fulfillment of all closing conditions. At the time of closing, FibroGen repaid its term loan facility to investment funds managed by Morgan Stanley Tactical Value, amounting to approximately $81 million. With the successful completion of this sale, the company has extended its cash runway into 2028.

FibroGen retains the rights to roxadustat in the United States and in all territories not licensed to Astellas, excluding China and South Korea. After a recent positive meeting with the U.S. Food and Drug Administration (FDA), the company plans to submit the pivotal Phase 3 clinical trial protocol for roxadustat in the treatment of anemia in patients with lower-risk myelodysplastic syndromes (LR-MDS) and high transfusion burden in the fourth quarter of 2025.

Thane Wettig, Chief Executive Officer of FibroGen, mentioned, “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.”

He further added, “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.”

Beyond roxadustat, FibroGen is advancing development of its lead oncology asset FG-3246 and its companion diagnostic FG-3180. The company remains on track to begin a Phase 2 monotherapy trial of FG-3246 in patients with metastatic castration-resistant prostate cancer (mCRPC) during the third quarter of 2025. BofA Securities, Inc. acted as the exclusive financial advisor, and Ropes & Gray LLP served as the primary legal advisor to FibroGen for this transaction.