Mabwell, a Shanghai-San Diego biotech, sold ex-China rights for 9MW3011 to Disc Medicine of Watertown, MA in a deal worth up to $412 million. Meanwhile, AstraZeneca has returned most of the global rights for Roxadustat to FibroGen.

Shanghai Everest Medicines acquired China/Asian rights to a novel therapy for autoimmune diseases from Kezar Life Sciences of South San Francisco in a deal worth $132.5 million. The company will make an upfront payment of $7 million to Kezar.

The real money is in the longer-term core trend trades. However, sometimes those opportunities can be few and far between. This is especially true in a bear market.