AstraZeneca to buy FibroGen’s China unit for $160 million

(Reuters) -AstraZeneca will buy U.S. biotech firm FibroGen’s China unit for about $160 million, in its latest deal to boost its presence in the country despite growing US-China trade tensions.

Fibrogen said the deal will give AstraZeneca full rights to its anemia drug roxadustat in China.

In December, AstraZeneca, which got about 12% of its 2024 sales from China, said it would buy Gracell Biotechnologies for up to $1.2 billion in the country.

The dealmaking comes despite AstraZeneca facing a string of investigations into its executives and activities in the country.

FibroGen said it expects the deal to close by mid-2025, pending conditions, including a regulatory review in China.

(Reporting by Sneha S K; Editing by Shailesh Kuber and Savio D’Souza)