FibroGen Announces $50 Million Royalty Monetization Financing with NovaQuest Capital Management

  • Strengthens balance sheet with strategic non-dilutive capital and provides incremental funding for FibroGen to support its strategic priorities
  • Supported by global launches of EVRENZOTM in the territories partnered with Astellas
  • FibroGen will receive $50 million in total cash upfront


SAN FRANCISCO, November 07, 2022 (GLOBE NEWSWIRE) — FibroGen, Inc. (NASDAQ: FGEN) today announced a royalty monetization financing with NovaQuest Capital Management (NovaQuest) that will result in proceeds to FibroGen in the amount of $50 million, bringing non-dilutive capital to drive innovation and growth.

NovaQuest is a strategic financial partner that is aligned with the company’s growth ambitions and demonstrates confidence in the anticipated commercial opportunity and launch performance of EVRENZOTM. The financing provides capital to expand and advance the company’s wholly-owned late-stage pipeline toward commercialization.

“This transaction reflects the meaningful value roxadustat can generate in the territories partnered with Astellas, and FibroGen’s ability to execute a non-dilutive transaction to strengthen our balance sheet,” said Enrique Conterno, Chief Executive Officer, FibroGen. “Part of the proceeds will be used to further fund our wholly-owned pamrevlumab program, as we anticipate multiple pivotal Phase 3 readouts in 2023 and 2024. Executing this deal in the current market environment speaks to the quality of the assets and the aligned confidence in the commercial opportunity of EVRENZOTM by NovaQuest Capital Management.”

The deal includes the following:

  • $50 million cash upfront in exchange for 22.5% of future EVRENZOTM royalties in the territories partnered with Astellas.
  • The aggregate payments to be received by NovaQuest Capital under this Agreement are capped at certain fixed multiples of the upfront payment based upon time. Once NovaQuest receives an aggregate of either:
    • $100 million (2.0x the upfront) by the end of 2028, or
    • $112.5 million (2.25x the upfront) by the end of 2029, or
    • $125 million (2.50x the upfront) by the end of 2030,

the Agreement will expire resulting in FibroGen retaining all subsequent EVRENZOTM  royalties.

“NovaQuest is excited to utilize its differentiated Product Finance solution and support FibroGen in creating innovative, first-in-class medicines for chronic and life-threatening conditions by leveraging patients’ natural pathways,” said Ryan Wooten, Managing Director at NovaQuest. “We look forward to FibroGen continuing to execute on their pipeline and delivering new therapeutics to the global patient community.”

Morgan Stanley & Co. LLC acted as the sole structuring agent and Goodwin Procter LLP acted as counsel to FibroGen. Wyrick Robbins Yates & Ponton LLP acted as counsel to the investor.

About FibroGen 

FibroGen, Inc. is a biopharmaceutical company committed to discovering, developing, and commercializing a pipeline of first-in-class therapeutics. The Company applies its pioneering expertise in connective tissue growth factor (CTGF) biology and hypoxia-inducible factor (HIF) to advance innovative medicines for the treatment of unmet needs. Pamrevlumab, an anti-CTGF human monoclonal antibody, is in clinical development for the treatment of idiopathic pulmonary fibrosis (IPF), locally advanced unresectable pancreatic cancer (LAPC), metastatic pancreatic cancer, and Duchenne muscular dystrophy (DMD). Roxadustat (爱瑞卓®, EVRENZOTM) is currently approved in China, Europe, Japan, and numerous other countries for the treatment of anemia in CKD patients on dialysis and patients, not on dialysis. Roxadustat is in Phase 3 clinical development in the U.S. and Europe for anemia associated with myelodysplastic syndromes (MDS), and in Phase 3 clinical development in China for treatment of chemotherapy-induced anemia (CIA). FibroGen recently expanded its research and development portfolio to include product candidates in the immuno-oncology and autoimmune space. For more information, please visit


About NovaQuest Capital Management

NovaQuest Capital Management, located in North Carolina’s Research Triangle, is a life science investment firm with a specialization in biopharmaceuticals. Founded in 2010, and with more than $2.5 billion raised across four funds, NovaQuest provides tailored capital solutions that fund innovation in biopharmaceutical development and invests in compelling healthcare companies with products and technologies aimed at helping humans and animals live healthier, longer, more productive lives. Learn more at


Forward-Looking Statements 

This release contains forward-looking statements regarding the indications and potential markets  in which FibroGen is pursuing its strategy, future plans and prospects, including statements regarding the development and commercialization of the company’s product candidates, and our clinical programs, the benefits that FibroGen expects to obtain from the financing transaction, the expected closing and funding dates of the financing transaction, and the expected use of proceeds from the financing transaction. These forward-looking statements include, but are not limited to, statements about the company’s plans, objectives, representations and contentions and are not historical facts and typically are identified by use of terms such as “may,” “will”, “should,” “on track,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. Actual results may differ materially from those indicated in these forward-looking statements due to risks and uncertainties related to the continued progress and timing of the company’s various programs, including the enrollment and results from ongoing and potential future clinical trials, and other matters that are described in the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, each as filed with the Securities and Exchange Commission (SEC), including the risk factors set forth therein. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and FibroGen undertakes no obligation to update any forward-looking statement in this press release, except as required by law.



FibroGen, Inc.



Michael Tung, M.D.

Corporate Strategy / Investor Relations




Meichiel Keenan

Investor Relations and Corporate Communications

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