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.
The accord comes amid AstraZeneca's continued expansion in China despite ongoing investigations into its executives and activities there. As one of the largest foreign pharma investors in the country, AstraZeneca derived roughly 12% of its revenue from China last year.
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