AstraZeneca will buy longtime partner FibroGen's China unit for about $160 million to gain rights to its anemia drug in the country, further boosting its presence in the world's second-biggest economy.

AstraZeneca is paying $160 million for FibroGen’s China business, giving the U.K.-based Big Pharma the regional rights to oral anemia drug roxadustat.

FibroGen sells its China unit to AstraZeneca for $160 million, extending its cash runway into 2027 and advancing its CD46-targeting ADC and PET imaging agent.

The $160 million acquisition of a FibroGen subsidiary expands AstraZeneca’s foothold in China while the company works through government investigations into its business practices there.

AstraZeneca will buy U.S. biotech firm FibroGen's China unit for about $160 million, in its latest deal to boost its presence in the country despite growing US-China trade tensions. Fibrogen said the deal will give AstraZeneca full rights to its anemia drug roxadustat in China.