Biotech has always been a volatile sector, and it is important for investors to recognize the phases its stocks go through. In particular, the journey through the post-bubble wilderness can be a protracted affair.

Plus deals involving Astellas/Menarini, Maruho/Fortress Biotech, Zenas/Bristol Myers Squibb, Huadong Medicine/MC2 and more.

Nearly two years after its spin-out from bluebird, 2Seventy is slowing in-house R&D and leaning on partners to conserve cash while BMS-partnered Abecma regains its competitive footing.

Some of China's makers of COVID-19 antivirals are fast-tracking neutralizing antibodies and peptide fusion inhibitors in clinical trials, while vaccine developers are embroiled in a tougher situation against the mutating coronavirus.