Japanese pharmaceutical companies are taking a broad interest in U.S. and European biotechs, but both deal-making tactics and deal structures have evolved since the last headline-grabbing go-round in 2008.

The days of the mega-blockbuster are not over. Big pharma's biggest sellers may be tumbling off the patent cliff, and replacements in the pipeline may be increasingly aimed at niche indications, but the drug industry is about to hit it big with a new class of anti-clotting drugs.