GlobeNewswire·Nov 9, 2026, 7:15 AM ET

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

CorMedix will acquire substantially all assets of Heron Therapeutics for $145 million in cash plus 14,583,333 shares of CorMedix common stock & up to $55 million in contingent earn-out payments.
The transaction adds four commercial-stage products to CorMedix's portfolio: ZYNRELEF, APONVIE, CINVANTI, & SUSTOL.
CorMedix secured a $150 million senior secured term loan facility with Pharmakon Advisors, drawing $75 million to fund the transaction.
Expected synergies include $45 million to $60 million in annual operating cost reductions & immediate accretion to earnings & free cash flow.
Heron will remain a publicly traded company, repay its existing credit facility, & retain significant net operating loss carryforwards.
Heron will receive a 5% royalty on net sales of certain products exceeding $25 million annually in 2027, 2028, & 2029.
Heron stockholders holding approximately 22% of shares, including Rubric Capital Management, have agreed to vote in favor of the transaction.
The deal is expected to close in the first quarter of 2027, subject to regulatory clearance & Heron stockholder approval.
Pro forma 2026 revenue for the combined entity is estimated at $465 million to $490 million.
CorMedix will host a conference call on November 9, 2026, at 4:30 p.m. Eastern Time to discuss the acquisition.