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FibroGen Inc. (NASDAQ:FGEN) announced the completion of the sale of its subsidiary, FibroGen International (Hong Kong) Ltd., to AstraZeneca Treasury Limited for approximately $220 million. The transaction closed on August 29, following a share purchase agreement originally signed on February 20. The deal comes at a crucial time for FibroGen, which carries a total debt of $93.13 million and has been rapidly burning through cash, according to InvestingPro data.
According to a statement released in a recent SEC filing, FibroGen and its indirect subsidiary, FibroGen China Anemia Holdings, Ltd., sold all outstanding equity interests in FibroGen International (Hong Kong) Ltd. to AstraZeneca. The sale was previously disclosed in a filing with the Securities and Exchange Commission on September 2. The company’s stock has shown strong momentum, with a 23% return over the past six months, despite analysts forecasting a 96% decline in revenue for the current year.
The company also filed unaudited pro forma condensed consolidated financial statements as part of the transaction, including a balance sheet as of June 30, 2025, and statements of operations for the year ended December 31, 2024.
FibroGen is incorporated in Delaware and is headquartered in San Francisco, California. Its common stock is listed on the Nasdaq Global Select Market under the symbol FGEN.
All information is based on a statement provided in a press release and related SEC filing.
In other recent news, FibroGen Inc . reported its Q2 2025 earnings, revealing a significant shortfall. The company posted an earnings per share of -$1.88, which was considerably below the forecasted -$0.09. Additionally, revenue was reported at $1.3 million, missing the expected $2.88 million. In a separate development, FibroGen completed the sale of its China subsidiary to AstraZeneca for approximately $220 million. This transaction included $85 million in enterprise value and $135 million in net cash, surpassing initial guidance by $60 million. The sale received approval from China’s State Administration for Market Regulation, with the closing expected in the third quarter of this year. H.C. Wainwright reiterated a Buy rating on FibroGen, maintaining a price target of $43.00 following the completion of the sale.
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