China says Nvidia broke competition rules, extends probe; stock off lows
SAN FRANCISCO - FibroGen, Inc. (NASDAQ:FGEN) announced Monday that China’s State Administration for Market Regulation has approved the sale of FibroGen International (Hong Kong) Ltd. to AstraZeneca Treasury Limited. The company, currently valued at $38.4 million, has seen its stock surge ~13% in the past week, according to InvestingPro data.
The transaction, which was initially announced on February 20, 2025, remains on track to close in the third quarter of this year, subject to other contractual closing conditions and deliverables.
FibroGen is a biopharmaceutical company focused on developing therapies for cancer and anemia. Its product roxadustat is currently approved in China, Europe, Japan, and other countries for treating anemia in chronic kidney disease patients.
The company continues to evaluate roxadustat for anemia associated with lower-risk myelodysplastic syndrome in the U.S. FibroGen is also developing FG-3246, an antibody-drug conjugate targeting CD46 for the treatment of metastatic castration-resistant prostate cancer.
This regulatory approval represents a significant milestone in the transaction process that was announced earlier this year, according to the company’s press release statement.
Financial details of the transaction were not disclosed in the announcement.
In other recent news, FibroGen Inc. announced its Q2 2025 earnings, which did not meet analysts’ expectations. The company reported an earnings per share (EPS) of -$1.88, significantly below the forecasted -$0.09. Additionally, FibroGen’s revenue for the quarter was $1.3 million, falling short of the anticipated $2.88 million. These results highlight the company’s challenges in meeting market expectations. The earnings report has drawn attention from investors and analysts alike, emphasizing the need for close monitoring of future performance. While the financial results were the primary focus, there were no additional updates on potential mergers or acquisitions. Analyst firms have not yet provided any new ratings or changes in outlook following these earnings results. These developments are part of the broader context of FibroGen’s recent performance.
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