FibroGen, Inc. (FGEN) Thursday announced the sale of its China subsidiary to AstraZeneca for approximately $160 million.

Roxadustat leads in brand value share for anemia treatment in chronic kidney disease and awaits regulatory approval for chemotherapy-induced anemia.

AstraZeneca will acquire all rights to roxadustat in China, while FibroGen retains rights in the U.S. and select markets.

The deal extends FibroGen's cash runway into 2027 and allows it to focus on developing FG-3246, a CD46-targeting antibody drug conjugate, and FG-3180, a PET imaging agent for prostate cancer.

FGEN is currently trading at $0.69 up 24 percent or $0.13 on the Nasdaq.

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