The Swiss group has delivered on its promise to secure more deals in the nephrology space by bagging the rights in Europe, Australia and New Zealand to sparsentan, which is deep into a Phase III program for focal segmental glomerulosclerosis and IgA nephropathy.

Shares in Sweden's Calliditas have taken a tumble on the news that the US FDA has pushed back the action date for its immunoglobulin A nephropathy Nefecon. However, the company, and certain analysts, are less worried, believing the delay is just a blip.

Baxter’s management justified the deal by emphasizing the potential cost synergies and shared commitment to digital health innovation.

Media reports indicate Baxter is negotiating to acquire Hillrom for about $10bn, but the companies are not commenting on the reports.