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.

Merck has taken two important steps towards its goal of achieving eight new cardiovascular drug approvals by 2030, presenting promising data for two potential blockbusters at the ACC meeting.

Start-up hopes to bring its first candidate, an NY-ESO-1-targeting off-the-shelf product, into the clinic in Q2. Astex and Cardiff University team up on novel therapies for neurodegenerative disease.

Panelists at the BIO CEO and Investor Conference foresee some changes coming as biotech investors become more judicious about where they park their money.