CorMedix to buy Heron Therapeutics' assets for $145.0M cash and 14.6M shares
On November 8, 2026, CorMedix agreed to acquire substantially all assets of Heron Therapeutics for $145.0 million in cash, 14,583,333 new CorMedix common shares, earn-out payments of up to $55 million, and royalties. CorMedix entered into a $150 million senior secured term loan with Pharmakon Advisors to help fund the deal, with $75 million expected to be drawn at closing. The share issuance will dilute existing CorMedix shareholders, and closing is expected in the first quarter of 2027, subject to Heron stockholder approval and regulatory clearance.
Key points
- Upfront consideration is $145.0 million in cash, subject to adjustments, plus 14,583,333 shares of CorMedix common stock.
- Earn-outs of up to $55 million are tied to 2028 ZYNRELEF net sales, with a 5.0% royalty on certain product sales above $25.0 million a year in 2027 through 2029.
- CorMedix entered into a $150 million Pharmakon term loan and expects to draw $75 million at closing.
- Closing is expected in the first quarter of 2027, subject to Heron stockholder approval and HSR clearance; Heron owes a $4.0 million termination fee in certain cases.
The filing
Written by AI on Nov 9, 2026, 8:01 AM ET, from this filing only.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.