FibroGen announced the completion of the sale of its China subsidiary to AstraZeneca for approximately $220 million, strengthening its financial position.
The sale included $85 million in enterprise value and around $135 million in net cash held in China.
The transaction also involved the repayment of a term loan to Morgan Stanley Tactical Value, enhancing the company's capital structure.
Sale Details
Total consideration for the sale of FibroGen China to AstraZeneca is approximately $220 million, marking a $60 million increase from initial guidance.
Financial Strengthening
The sale substantially strengthens FibroGen's financial position and extends its cash runway into 2028, supporting key clinical milestones.
Upcoming Trials
The Phase 2 monotherapy trial of FG-3246 in metastatic castration-resistant prostate cancer (mCRPC) is on track to begin in the third quarter of 2025.
- The completion of the sale enhances FibroGen's financial stability and provides additional resources for its clinical programs.
- The repayment of the term loan simplifies the company's capital structure and supports future investment in strategic initiatives.
FibroGen's sale of FibroGen China to AstraZeneca marks a significant milestone, strengthening its financial position and extending its runway into key clinical developments. The company is well-positioned for future growth and innovation in the biopharmaceutical industry.