CorMedix to buy Heron Therapeutics' assets for $145M cash plus stock
- CorMedix agreed to acquire substantially all Heron Therapeutics assets for $145M in cash plus 14,583,333 CorMedix shares, with up to $55M in earn-outs tied to 2028 ZYNRELEF sales.
- The deal adds ZYNRELEF, APONVIE, CINVANTI and SUSTOL; CorMedix targets $45-60M in cost synergies and a $150M Pharmakon term loan.
- Closing is expected in Q1 2027, pending Heron stockholder approval and HSR clearance.
💡 Points Based on public reports
This moves CorMedix from a one-product story built on DefenCath into a broader hospital-focused commercial platform, with four products sold to the same institutional buyers. The earn-out tied to 2028 ZYNRELEF sales suggests the buyer is hedging on that product's uptake against entrenched competitors such as Exparel. The $45-60M synergy target and new term loan make integration execution the next test.