Seven years after its last major deal, FibroGen Inc. has now carved up worldwide rights to FG-4592 via its new deal with AstraZeneca plc. A key task for FibroGen is now to execute in China, where the biotech's deals give it development, regulatory and manufacturing responsibility for the oral anemia compound.

Meanwhile, its new pharma partner needs to help FibroGen navigate a U.S. regulatory system on heightened alert and sell a product in China where infrastructure for anemia drugs has been lacking.