CorMedix Therapeutics will acquire Heron Therapeutics' commercial assets in a deal valued at approximately $222.6 million, aiming for immediate earnings accretion and significant operational synergies by early 2027.
Heron signed a definitive agreement, unanimously approved by its board, to sell substantially all assets for $145 million cash plus CorMedix stock valued at about $77.6 million, plus up to $55 million in earn-outs and a 5% royalty above sales thresholds. Proceeds will repay Heron's credit facility with Hercules, and Heron remains publicly traded with a significant stake in CorMedix. Holders of about 22% of shares, including Rubric, have already agreed to vote in favor, which supports deal completion, though no premium to Heron's current share price is stated.
CorMedix will acquire four commercial-stage hospital products for $145 million cash plus 14,583,333 shares (about $77.6 million at the November 6, 2026 close of $5.32), a total upfront value of roughly $222.6 million. Management guides to $45-$60 million of operating cost synergies and says the deal is immediately accretive to earnings and free cash flow, funded by a $75 million non-dilutive Pharmakon loan. Against that, the transaction adds up to 14,583,333 new shares plus shares to Rubric in exchange for about $37.8 million of convertible debt, and closing is only expected in Q1 2027.
CorMedix Therapeutics has entered a definitive agreement to acquire substantially all assets of Heron Therapeutics for $145 million in cash and 14,583,333 shares of common stock. The transaction, expected to close in Q1 2027, adds four commercial-stage products to CorMedix's portfolio and is projected to generate $45-$60 million in annual operating cost synergies.
A share of the $145 million cash consideration, 14,583,333 CorMedix shares in aggregate, up to $55 million in earn-out payments tied to 2028 ZYNRELEF sales, and a 5% royalty on certain product sales above thresholds. Heron will use proceeds to repay its Hercules credit facility and remains publicly traded.
No. Heron remains a publicly traded company, holding a significant position in CorMedix common stock, with rights to earn-out and royalty payments, and can name one CorMedix board member while it holds at least 10% of CorMedix shares.
$145 million in cash plus 14,583,333 CorMedix shares (about $77.6 million at the $5.32 close on November 6, 2026), plus up to $55 million in earn-out payments and royalties, for an upfront value of roughly $222.6 million.
The transaction is expected to close in the first quarter of 2027, subject to Heron stockholder approval, antitrust clearance and other customary conditions. There is no financing contingency.