BUZZ-FibroGen soars on $160 mln China unit sale to AstraZeneca
ReutersFeb 20, 2025 12:06 PM
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
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