FibroGen, a biopharmaceutical company focused on the development of novel therapies targeted at cancerous diseases and anaemia, has announced the sale of its Chinese division to AstraZeneca for approximately $160 million. This sum is composed of an enterprise value of $85 to be received by FibroGen, as well as an estimated $85 million net cash held in China at closing of the deal. The deal is expected to be completed by mid-2025 depending on closing conditions such as regulatory reviews carried out in China.

Following the deal’s completion, AstraZeneca will obtain all rights to Roxadustat in China. Roxadustat is a leading treatment for anaemia in chronic kidney disease and also has a pending regulatory decision for the treatment of chemotherapy-induced anaemia. FibroGen will maintain its rights to Roxadustat in the U.S. and in all markets not licensed to Astellas. The Company has plans for an FDA meeting in 2025 to determine the potential next steps for the development program for Roxadustat in the U.S.