Proteon Therapeutics Inc.'s inventorying of options after the phase III failure with vonapanitase in chronic kidney disease (CKD) ended in a merger deal with Artara Therapeutics Inc., a startup that has hung its main hat on TARA-002, a therapy for lymphatic malformations (also called lymphangiomas) that has already gained validation by way of a similar product in Japan.

Anokion SA, a Swiss biotech focused on autoimmune disease, is bringing in-house a startup it spun out for a development alliance with Astellas Pharma Inc. The acquisition of Kanyos Bio Inc., announced alongside news it closed a $40 million series B financing, puts front and center KAN-101, a preclinical celiac disease drug poised for an IND filing by year-end. Together with Anokion's lead candidate, ANK-780, an antigen-specific treatment for multiple sclerosis (MS), the company anticipates having two programs in clinical development within the next 12 months.

Baxter International Inc. has struck a definitive agreement to acquire Cheetah Medical Inc., a provider of noninvasive hemodynamic monitoring technologies. The Deerfield, Ill.-based company agreed to pay $190 million up front in cash, with the potential for an additional $40 million based on clinical and commercial milestones.

PERTH, Australia – Australian cell therapy developer Mesoblast Ltd. has partnered with Germany's Grünenthal Group to develop and commercialize Mesoblast's allogeneic cell therapy candidate, MPC-06-ID, in a deal that carves out Europe, Latin America and the Caribbean.

Japan's Sumitomo Dainippon Pharma Co. Ltd. plans to pay $3 billion to acquire Roivant Sciences Ltd.'s ownership interests in five biopharma companies, plus options to acquire up to six more from the prolific company-builder. The deal, slated to close in October, would give Sumitomo Dainippon controlling interests in Myovant Sciences Inc., Urovant Sciences Inc., Enzyvant Therapeutics Inc. and Altavant Sciences Inc., as well as an equity stake of more than 10% in Roivant itself.

Stryker Corp., of Kalamazoo, Mich., is continuing its string of buys, this time scooping up Shirley, Mass.-based Mobius Imaging LLC, which focuses on point-of-care imaging technology, and its sister company, Cardan Robotics. In an all-cash transaction, Stryker will pay about $370 million up front and up to $130 million of contingent payments associated with development and commercial milestones.

CEO Travis Mickle said prodrug-focused Kempharm Inc.'s potential $493 million deal with Gurnet Point Capital (GPC) marks "the end of a long journey to reach a very valuable point" in the story of the company, which has "ended with the same goal it started with" – gaining the best possible partner for attention deficit and hyperactivity disorder (ADHD) prospects KP-415 and KP-484.

Shares of San Diego-based Cidara Therapeutics Inc. (NASDAQ:CDTX) enjoyed a skyward ride, closing Tuesday at $2.35, up 67 cents, or 40%, on word of a deal with Mundipharma International Ltd., of Cambridge, U.K., to develop and commercialize rezafungin for invasive fungal infections. "Historically, [antifungal] pricing has been much stronger in the EU, so that is an important opportunity for us and now for Mundipharma as well," Cidara CEO Jeffrey Stein said.