CorMedix to Acquire Heron Therapeutics Assets for $145M Cash & Stock
CorMedix Inc. announced a definitive asset purchase agreement to acquire substantially all of the assets of Heron Therapeutics for an upfront consideration of $145 million in cash and 14,583,333 shares of CorMedix common stock. The deal, valued at approximately $222.6 million based on CorMedix's recent stock price, includes potential additional earn-out payments of up to $55 million tied to ZYNRELEF sales. This acquisition will expand CorMedix's portfolio with four commercial-stage products, including ZYNRELEF, APONVIE, CINVANTI, and SUSTOL, and is expected to be immediately accretive to earnings and free cash flow, generating significant operating cost synergies. CorMedix has secured $75 million in non-dilutive financing from Pharmakon Advisors to support the transaction, which is anticipated to close in the first quarter of 2027.
Key Highlights
- CorMedix Inc. to acquire substantially all assets of Heron Therapeutics for $145M cash and 14,583,333 shares of CorMedix common stock.
- Upfront consideration valued at approximately $222.6M based on CorMedix's closing stock price of $5.32 on Nov 6, 2026.
- Potential additional consideration of up to $55M in earn-out payments tied to ZYNRELEF net sales in 2028.
- Transaction expected to add four commercial-stage products: ZYNRELEF, APONVIE, CINVANTI, and SUSTOL.
- CorMedix secured a new $150M senior secured term loan facility with Pharmakon Advisors, drawing $75M at closing.
- Transaction is expected to be immediately accretive to CorMedix earnings and free cash flow.
- Expected to generate $45-$60 million in near-term total operating cost synergies.
- Transaction expected to close in the first quarter of 2027, subject to regulatory clearance and Heron stockholder approval.
Price Impact
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