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FibroGen Announces Non-Dilutive Term Loan Financing for up to $150 Million with Morgan Stanley Tactical Value
  • Strengthens balance sheet with significant non-dilutive capital
  • Aligned to support FibroGen operational plan
  • Allows for the continued advancement of pamrevlumab, as well as our pre-clinical pipeline
  • FibroGen will receive up to $150 million in total cash

SAN FRANCISCO, May 01, 2023 (GLOBE NEWSWIRE) --  FibroGen, Inc. (NASDAQ: FGEN) today announced a non-dilutive term loan facility with investment funds managed by Morgan Stanley Tactical Value (MSTV) that will result in proceeds to FibroGen of up to $150 million, bringing significant non-dilutive capital to support growth and innovation.

The investment by this highly respected investor capitalizes on FibroGen’s significant accomplishments to date and adds a financial partner who is aligned with the company's growth ambitions. The financing provides capital to advance pamrevlumab toward commercialization and to continue the development of our pre-clinical pipeline.

“With the current momentum across our development programs, this financing strengthens our balance sheet," said Enrique Conterno, Chief Executive Officer, FibroGen. "Part of the proceeds will be used to fund our wholly-owned pamrevlumab program as we anticipate five Phase 3 readouts to occur before mid-2024. In addition, this funding allows for the continued development of our early-stage pipeline.”

The $150 million term loan facility will be available to the Company in three tranches:

  • The initial tranche of $75 million will be funded by May 8, 2023.
  • The second tranche of $37.5 million will be funded in the third quarter of 2023 upon achievement of certain clinical development milestones.
  • MSTV has the option to fund a third tranche of up to $37.5 million in the third quarter of 2023.

Borrowings under this three-year term loan facility will accrue interest at 14.0%. The outstanding principal amount of the term loan facility will be payable at maturity.

“We are pleased to extend this term loan facility to FibroGen in support of their continued growth,” said Tom Cahill, Co-head of MSTV. “Roxadustat is a first-in-class chronic kidney disease anemia drug in approved markets and we are excited by the continued prospects in additional markets, the pamrevlumab program and the pipeline of other promising opportunities.”

Morgan Stanley & Co. LLC acted as sole structuring agent to FibroGen on this transaction and Goodwin Procter LLP acted as counsel to FibroGen. Gibson, Dunn & Crutcher 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 the 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 Morgan Stanley Tactical Value
Morgan Stanley Tactical Value, a team within Morgan Stanley Investment Management, provides nimble capital with the flexibility to invest across asset classes, sectors and geographies in changing market environments providing the flexibility to partner with companies to support their unique strategic and financial objectives. The team’s expertise, including deep structuring experience, is complemented by Morgan Stanley’s broad capabilities to meet bespoke capital needs or analyze idiosyncratic risks. For more information, please visit:

Forward-Looking Statements  
This release contains forward-looking statements regarding FibroGen’s strategy, future plans and prospects, including statements regarding the use of proceeds from this term loan facility. These forward-looking statements include, but are not limited to, statements about FibroGen’s plans and objectives 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. FibroGen’s 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 its various programs, including the enrollment and results from ongoing and potential future clinical trials, and other matters that are described in FibroGen’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as filed with the Securities and Exchange Commission (SEC) on February 27, 2023, 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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Source: FibroGen, Inc.