Mergers & Acquisitions ·
CorMedix agrees to acquire substantially all assets of Heron for $145M cash plus shares
CRMDCorMedix Inc.
CorMedix entered into an asset purchase agreement to acquire substantially all assets of Heron Therapeutics, including four commercial-stage products: ZYNRELEF, APONVIE, CINVANTI, and SUSTOL. Upfront consideration consists of $145 million in cash and 14,583,333 shares of CorMedix common stock. Additional contingent consideration includes up to $55 million in earn-out payments tied to ZYNRELEF net sales and a 5% royalty on certain products exceeding a $25 million annual sales threshold through 2029. The transaction is expected to close in the first quarter of 2027, subject to Heron stockholder approval and regulatory clearance. CorMedix secured a $150 million senior secured term loan facility with Pharmakon Advisors to fund the acquisition. CorMedix operates as a biopharmaceutical company focused on commercializing therapeutic products for institutional care settings.