Baxter International (NYSE: BAX) has been quiet on the merger and acquisition front since January 2018. The deal drought ended on September 10, 2019 when the med-tech company announced its acquisition of Cheetah Medical, based in Newton Center, Massachusetts.

Cheetah provides non-invasive fluid management monitoring technologies, designed for use in critical care, operating room and emergency department settings. Its technology is available in approximately 30 countries.

The price for the privately held company was $190 million in cash upfront and an additional $40 million in clinical and commercial milestones.

This acquisition boosts Baxter’s portfolio with a non-invasive hemodynamic monitoring system used for fluid management. Cheetah’s Starling SV product is used in more than 400 hospitals throughout the United States.

Baxter’s 2018 deal targeted Mallinckrodt‘s (NYSE: MNK) hemostasis products, Recothrom Thrombin topical (Recombinant) and Preveleak Surgical Sealant, as well as the manufacturing operation for Preveleak. The products posted $56.2 million in revenue for the 12-month period prior to September 29, 2017. Baxter paid $153 million.

The company’s largest acquisition ever, by price, was announced in December 2012. Baxter acquired Gambro AB for $4.0 billion, including $1.2 billion in assumed debt. Gambro was a global provider of dialysis products and technologies used in hemodialysis and continuous renal replacement therapy.