CorMedix agrees to acquire substantially all Heron assets for $145 million cash plus stock
CRMD•CorMedix will acquire substantially all Heron Therapeutics assets for $145 million in cash, subject to adjustments, and 14,583,333 shares. Heron could receive up to $55 million in ZYNRELEF-linked earn-outs, while the deal is expected to add $125 million to $150 million in 2027 revenue and generate $45 million to $60 million in annualized operating synergies.
1. Acquisition terms
CorMedix will acquire substantially all Heron Therapeutics assets for $145 million in cash, subject to adjustments, and 14,583,333 common shares. Heron could also receive up to $55 million in ZYNRELEF-linked earn-outs, plus royalties on certain product sales.
2. Expected contribution
The acquisition adds four commercial-stage products used in institutional care, with estimated 2027 revenue of $125 million to $150 million. The deal is expected to immediately boost earnings and free cash flow and deliver $45 million to $60 million in annualized operating synergies.
3. Closing conditions
Closing is expected in the first quarter of 2027, subject to Heron shareholder approval, regulatory clearance and customary conditions.
