Source: Thinkstock
Under the terms of the offering, FibroGen is selling 8.0 million shares for $40.75 per share, with an overallotment option for an additional 1.2 million shares. At this price, the entire offering is valued up to $374.9 million.
The underwriters for the offering are Goldman Sachs, Citigroup and Leerink Partners.
This science-based biopharmaceutical company is discovering and developing first-in-class therapeutics. The firm has taken a global approach to the development and future commercialization of its product candidates, and this includes development and commercialization in China.
FibroGen described its pipeline as follows:
Roxadustat (FG-4592), its most advanced product candidate, is an oral small molecule inhibitor of HIF prolyl hydroxylase (HIF-PH) activity in Phase 3 clinical development for the treatment of anemia in chronic kidney disease (CKD). Pamrevlumab (FG-3019), a fully-human monoclonal antibody that inhibits the activity of connective tissue growth factor (CTGF) is in Phase 2 clinical development for the treatment of pancreatic cancer and Duchenne muscular dystrophy (DMD) and recently completed a Phase 2 double-blind study in idiopathic pulmonary fibrosis (IPF).
In the SEC filing, FibroGen detailed its plans for the net proceeds:
We intend to use the net proceeds from this offering to fund the expansion of product development, including our development of pamrevlumab beyond current Phase 2 programs, manufacturing and commercialization activities, as well as for general corporate purposes, which may include, among other things, funding research and development, clinical trials, manufacturing, potential regulatory submissions, hiring additional personnel and capital expenditures. We have no current commitments or agreements with respect to any such transactions. We have not determined the amounts we plan to spend on any of the areas listed above or the timing of these expenditures.
Shares of FibroGen were last seen up nearly 3% at $42.45 on Wednesday, with a consensus analyst price target of $69.40 and a 52-week range of $15.60 to $51.70.
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