Heron Therapeutics jumps after CorMedix acquisition deal
CRMD•Heron Therapeutics agreed to be acquired by CorMedix for $145 million upfront and up to $55 million in contingent earn-out payments. Heron reported third-quarter net revenue of $35.3 million, down from $38.2 million a year earlier, and its shares rose 31.4%.
1. Acquisition and revenue
CorMedix agreed to acquire Heron Therapeutics for $145 million upfront, with up to $55 million in contingent earn-out payments. The deal adds four products administered in hospitals, ambulatory surgical centers or infusion centers to CorMedix's portfolio. Heron separately reported third-quarter net revenue of $35.3 million, compared with $38.2 million a year earlier.
2. Shares rise
Heron shares rose 31.4% to 38 cents. Including the session move, the shares had fallen 71.1% year to date.
