Caldera Therapeutics agreed to merge with Synlogic in a deal aimed at accelerating advancement of its China-licensed anti-inflammatory asset CLD-423, while also raising $278 million in a concurrent private financing. Caldera’s plan includes supporting Phase 1 development through Phase 2, with data expected by the end of 2026, as it targets TL1A and IL-23p19. In a separate reverse-merger transaction, Processa Pharmaceuticals moved toward scaling a potential BTK inhibitor rival after acquiring Vidya Therapeutics, which is developing VT-7208. Vidya’s acquisition is paired with a $200 million private funding round and is intended to bring the program closer to later clinical stages. Together, the transactions underscore how cash-constrained biotechs built around non-US assets are using reverse mergers plus large financings to reach public-market liquidity and preserve development timelines.