Caldera Therapeutics and Vidya Therapeutics have struck a pair of deals with struggling biotechnology firms, according to company announcements made Wednesday. But its lead program struggled against the rare genetic disorder phenylketonuria and, in 2024, the company announced it would seek strategic alternatives and lay off about 90% of its staff. Caldera is the latest participant in a recent run of merger deals involving biotechs built around China-licensed assets. That drug’s nearing Phase 2 testing, and an acquisition by Processa Pharmaceuticals announced Wednesday will support the effort. Like Caldera, Vidya also announced a sizable financing alongside its acquisition — a $200 million private funding from more than 10 firms.