FibroGen raises $326 million in follow-on

FibroGen Inc. (NASDAQ:FGEN) raised $326 million through the sale of 8 million shares at $40.75 in a follow-on underwritten by Goldman Sachs, Citigroup and Leerink. The price is a 7% discount to FibroGen's closing price of $44.05 on Monday, when it announced the proposed offering after markets closed.

Last week, FibroGen’s pamrevlumab (FG-3019) met the primary endpoint in a Phase II trial to treat idiopathic pulmonary fibrosis (IPF). The human mAb against connective tissue growth factor (CTGF) is also in Phase II testing to treat non-ambulatory Duchenne muscular dystrophy (DMD) and pancreatic cancer (see BioCentury Extra, Aug. 7)...