Cross-border deals are down and investment has dried up, while geopolitical tensions have started hitting the Chinese biotech sector in unprecedented ways. Biopharma firms are expecting more rainy days ahead and are embracing new fundraising and deal-making approaches to survive and thrive.

Sanofi has called an immediate halt to all trials of fedratinib (SAR302503) following reports of neurological side-effects. The company had reported positive Phase III results for the JAK2 inhibitor in myelofibrosis earlier this year. Now, however, it says it is cancelling all plans for regulatory filings.

Two CEOs describe their approach to virtual partnerships, corporate renewal, and active risk management. Plus, more conventional divestment and M&A deals from Novartis and Grifols and Roche and immatics.

Reflecting a long trend, three of this past week’s deals include option arrangements, including one with a new twist. Also, a rare disease partnership between Shire and Atlas Venture finally leads to a deal and Takeda continues building its vaccines business.