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CorMedix Therapeutics to Acquire Substantially All Assets of Heron Therapeutics, Expanding Its Portfolio of Products Used in Institutional Settings of Care

CRMDHRTX
  • CorMedix will acquire substantially all assets of Heron Therapeutics for $145 million in cash plus 14,583,333 shares of CorMedix common stock.
  • The transaction includes potential additional consideration of up to $55 million in earn-out payments tied to 2028 ZYNRELEF sales and a 5% royalty on net sales of certain products exceeding a threshold.
  • Four commercial-stage products are added to CorMedix's portfolio: ZYNRELEF, APONVIE, CINVANTI, and SUSTOL.
  • CorMedix secured a $150 million senior secured term loan facility with Pharmakon Advisors to draw $75 million for the transaction.
  • The deal is expected to be immediately accretive to earnings & free cash flow with estimated annual operating cost synergies of $45-$60 million.
  • Heron will remain a publicly traded company, repaying its credit facility while retaining CorMedix stock, tax attributes, & rights to future payments.
  • Rubric Capital Management will exchange $35 million in Heron convertible notes for CorMedix shares received by Heron.
  • Heron will have the right to name one new member to the CorMedix Board of Directors if it holds at least 10% of CorMedix shares.
  • The transaction is expected to close in the first quarter of 2027 subject to regulatory clearance & Heron stockholder approval.
  • Pro forma 2026 revenue for the combined business is estimated at $465-$490 million.
  • CorMedix will host a conference call on November 9, 2026, at 4:30 p.m. Eastern Time to discuss the transaction.