CHINA—AstraZeneca, the British-Swedish pharmaceutical giant, has agreed to acquire FibroGen's China subsidiary for approximately US$160 million. This strategic move gives AstraZeneca full control over the anaemia drug roxadustat in China, a market that has become increasingly vital for the company's growth. With regulatory approvals still pending, the transaction is expected to be completed by mid-2025. Following the announcement on February 20, FibroGen's stock price surged by 42%, highlighting the market's positive reception to the deal. The proceeds from the sale are set to be used by FibroGen to repay a term loan from Morgan Stanley Tactical Value and to extend the company's cash runway into 2027. This financial boost comes at a crucial time as FibroGen recalibrates its focus amid other business challenges. AstraZeneca and FibroGen have been collaborating on roxadustat since 2013, and the drug is marketed under the brand name Evrenzo in China.