US-based biopharma FibroGen Inc. (NASDAQ: FGEN) has entered into an agreement to sell its China subsidiary to UK-based AstraZeneca (NASDAQ: AZN) for approximately USD160 million. The deal includes the transfer of all rights to roxadustat, a treatment for anemia caused by chronic kidney disease (CKD), in China.
Transaction Details
Under the agreement, FibroGen will receive an enterprise value of USD85 million plus its net cash held in China at closing, estimated to be around USD75 million, totaling approximately USD160 million. The transaction is expected to close by mid-2025, subject to customary closing conditions, including regulatory review in China.
Strategic Implications
Upon completion of the deal, AstraZeneca will gain full rights to roxadustat in China, enhancing its presence in the CKD treatment market. FibroGen will retain rights to roxadustat in the US and other markets not licensed to Astellas. The transaction underscores AstraZeneca’s commitment to expanding its portfolio in China, while FibroGen focuses on its core markets.-Fineline Info & Tech
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