FibroGen sells China business to AstraZeneca
FibroGen (Nasdaq: FGEN) today announced the sale of its China subsidiary to UK pharma major AstraZeneca (LSE: AZN) for around $160 million, with the news sending the California-based company’s shares soaring 27% to $0.71.
Under the terms of the deal, FibroGen will receive an enterprise value of $85 million plus FibroGen net cash held in China at closing, currently estimated to be approximately $75 million, totaling about $160 million. The transaction is expected to close by mid-2025, pending customary closing conditions, including regulatory review in China.
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