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BUZZ-FibroGen soars on $160 mln China unit sale to AstraZeneca

Reuters
Feb 20
BUZZ-FibroGen soars on $160 mln China unit sale to AstraZeneca

** 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;))

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