TNX-1600 joins two other candidates, including Phase III TNX-102 SL, in Tonix’s PTSD portfolio. CureVac and Yale partner on mRNA therapies for pulmonary disease.

Derived from Strategic Transactions, Informa’s premium source for tracking life sciences deal activity, the Dealmaking column is a survey of recent health care transactions listed by relevant industry segment – In Vitro Diagnostics, Medical Devices, and Pharmaceuticals – and then categorized by type – Acquisition, Alliance, or Financing. This month’s column covers deals announced in June 2016.

Some health care firms have managed to work around the industry's well-documented growth constraints by pursuing a strategy of convergence--finding new combinations of formerly distinct market segments for pharmaceuticals, devices, and diagnostics. The authors, at Bain & Company, outline the considerations that drive the evaluation of and set the stage for convergence opportunities. Companies can use them to capitalize on an array of opportunities throughout the commercialization continuum and develop a response to potential threats from the outside.

Recent news that long-term hormone-replacement therapy was doing more harm than good slashed Wyeth's valuation by 25%-$15 billion-overnight, even though the company maintains there was "nothing shocking" in the study. Hormones had been its top-selling product franchise. It's another hard knock for a company that only just settled a nationwide class-action suit, to the tune of $13.2 billion, over anti-obesity drugs fen-phen and Redux. Wyeth has also had well-publicized troubles with manufacturing. But Wyeth is stronger than it was just a few years ago, partly because acquisitions boosted research productivity but also because it learned from hardship. The company is quicker to face up to problems and deal with them. It's also more aware of the ramifications of developing biological drugs, especially in terms of production. Wyeth should be able to continue growing without resorting to M&A, if it can learn to be as active in prosperity as it has learned to be through adversity.