FibroGen soars on $160 mln China unit sale to AstraZeneca

Kyntra Bio

20/02/2025 12:06

** Shares of drug developer FibroGen  FGEN.O  jump 79.7% to
$1.01 premarket
    ** FGEN says it is selling its China unit to AstraZeneca
 AZN.L  for about $160 mln
    ** Deal includes an enterprise value of $85 mln plus
FibroGen net cash held in China at closing, estimated at about
$75 million
    ** Deal expected to close by mid-2025
    ** AZN will obtain all rights to anemia drug, roxadustat, in
China, while FibroGen retains rights to roxadustat in the U.S.
and other markets
    ** FGEN plans to have an FDA meeting in Q2 2025 to determine
next steps for roxadustat development in the U.S.
    ** Deal will extend FGEN's cash runway into 2027, co says
    ** FGEN fell ~36% in 2024

 (Reporting by Kamal Choudhury in Bengaluru)
 ((Kamal.Choudhury@thomsonreuters.com;))