The licensing of FibroGen's portfolio of anaemia therapeutics to Astellas Pharma that is reported here gives an insight into both the value and scope of the anaemia market, and the business strategies of the partnering companies. This article examines the pipeline of the small speciality pharma business of FibroGen, the recent explosive deal making spree of Astellas - following its formation from the merger of Yamanouchi Pharmaceutical and Fujisawa Pharmaceutical in April 2005 - and how both these facets of their respective businesses are integral to their future growth and success.