CorMedix Therapeutics has agreed to buy substantially all of the assets of Heron Therapeutics in a deal worth about $222.6 million upfront, plus up to $55 million in further payments, the two companies announced on Monday, 9 November 2026.

The upfront payment is $145 million in cash and 14,583,333 new CorMedix shares. The share count was fixed by dividing $105 million by $7.20 a share, so it will not change if CorMedix's share price moves before the deal closes. At CorMedix's closing price of $5.32 on Friday, 6 November, the shares were worth about $77.6 million.

Four hospital medicines change hands

The deal gives CorMedix four commercial-stage medicines used in hospitals, surgical centres and infusion centres. ZYNRELEF is an extended-release solution for pain after surgery. APONVIE is an injectable treatment to prevent nausea and vomiting after surgery. CINVANTI and SUSTOL are used to prevent nausea and vomiting caused by chemotherapy.

CorMedix said the acquired portfolio had net product revenue of about $150 million over the twelve months to 30 September 2026. Heron, meanwhile, reported third-quarter revenue of $35.3 million on Monday, down 7.8% from $38.2 million a year earlier.

Synergies and financing

CorMedix expects annualised operating cost savings of $45 million to $60 million by the end of 2027, mainly by removing duplicated commercial, administrative and public-company costs. To fund the cash part of the deal, CorMedix has taken a new $150 million senior secured term loan from funds managed by Pharmakon Advisors. It plans to draw $75 million at closing, with a further $75 million available later.

Heron could receive up to $55 million more in earn-outs and royalties linked to sales of ZYNRELEF: $25 million if its 2028 net sales reach $65 million, and a further $30 million if they reach $95 million. Heron said it would use the proceeds to repay its credit facility with Hercules and expects to become a significant CorMedix shareholder.

What happens next

Both boards have approved the deal unanimously. It is expected to close in the first quarter of 2027, subject to approval by Heron's shareholders, clearance under US antitrust rules and other customary conditions. There is a $4 million termination fee, and the agreement has an outside closing date of 8 May 2027. There is no financing condition on the deal.

Heron will leave its current biotechnology business after the sale, but it does not plan to liquidate and will remain a publicly traded company. Heron also reported about $2.3 billion of federal and state net operating loss carryforwards as of 30 September 2026. CorMedix is due to report its third-quarter 2026 results on 12 November.