CorMedix agrees to acquire substantially all Heron Therapeutics assets
HRTX•CorMedix will acquire substantially all Heron Therapeutics assets for $145 million in cash and 14,583,333 shares, valued together at approximately $222.6 million. The deal includes potential payments of up to $55 million tied to 2028 ZYNRELEF sales and is expected to close in the first quarter of 2027.
1. Deal terms
CorMedix will acquire four commercial-stage products for postoperative pain and nausea prevention. Potential additional payments include up to $55 million tied to 2028 ZYNRELEF sales, plus 5% royalties on qualifying sales from 2027 through 2029.
2. Expected impact
CorMedix expects immediate earnings and free cash flow accretion, with $45 million to $60 million in annualized operating cost synergies by year-end 2027. Heron Therapeutics will remain publicly traded but exit its current biotechnology operations.
