CorMedix to Acquire Heron Therapeutics Assets for Up to $277.6M in Cash, Stock and Milestones

CorMedix Therapeutics agreed on November 9 to acquire substantially all assets of Heron Therapeutics for an upfront consideration valued at approximately $222.6 million, consisting of $145 million in cash and 14.6 million CorMedix shares. The deal also includes up to $55 million in additional sales milestones and royalties, bringing the total potential deal value to roughly $277.6 million.

The transaction covers four commercial products that together generate approximately $150 million in trailing annual revenue, expanding CorMedix's portfolio of products used in institutional settings of care. CorMedix expects $45 million to $60 million in annualized cost synergies and says the deal will be immediately accretive to both earnings and free cash flow.

Heron will remain a public company after the close, use proceeds to repay its existing credit facility, and retain an equity stake in CorMedix. The deal is expected to close in the first quarter of 2027. HRTX shares surged roughly 41% in premarket trading on the news, while CRMD gained approximately 4.3%.

Separately, Heron reported third-quarter results on the same day, posting a GAAP loss of $0.03 per share, in line with estimates, but revenue of $35.3 million missed consensus by $2.2 million, or about 6.25%.