# CorMedix to acquire Heron assets for $145 million cash and stock

> CorMedix will add four hospital-care medicines through a transaction with $145 million in cash, 14.58 million shares and up to $55 million in earn-outs.

Source page: https://stoqly.net/news/cormedix-heron-assets-acquisition-2026

- **Published:** 2026-11-10T12:04:00+00:00
- **Section:** In the news
- **Company:** CorMedix Inc. (CRMD), https://stoqly.net/companies/crmd.md

CorMedix Therapeutics (Nasdaq: CRMD) and Heron Therapeutics (Nasdaq: HRTX) announced on November 9, 2026 a definitive agreement under which CorMedix will acquire substantially all of Heron's assets and assume certain liabilities.

The deal adds four commercial-stage products to CorMedix's hospital- and acute-care-focused platform: ZYNRELEF for postoperative pain, plus APONVIE, CINVANTI and SUSTOL for nausea and vomiting in institutional settings. Both boards unanimously approved the transaction.

CorMedix expects the transaction to be immediately accretive to earnings and free cash flow upon closing and to generate $45 million to $60 million in annualized operating cost synergies by year-end 2027. It expects to draw $75 million from a new $150 million senior secured term-loan facility at closing.

The transaction is expected to close in the first quarter of 2027, subject to Heron stockholder approval, antitrust clearance and other customary conditions. Heron will remain publicly traded, with its credit facility repaid and rights to receive earn-outs and royalties.

- Cash consideration: $145M upfront, subject to adjustments
- CorMedix shares: 14.58M upfront stock consideration
- Earn-outs: up to $55M tied to 2028 ZYNRELEF sales
- Expected synergies: $45–60M annualized run-rate by end-2027

- [CorMedix and Heron asset purchase announcement, SEC Exhibit 99.1, November 9, 2026](https://www.sec.gov/Archives/edgar/data/1410098/000121390026117213/ea031142301ex99-1.htm)
- [CorMedix and Heron transaction release, GlobeNewswire, November 9, 2026](https://www.globenewswire.com/news-release/2026/11/09/3398250/0/en/cormedix-therapeutics-to-acquire-substantially-all-assets-of-heron-therapeutics-expanding-its-portfolio-of-products-used-in-institutional-settings-of-care.html)

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Written by Stoqly from SEC filings and market data. For information only — not investment advice or a recommendation to buy, sell or hold any security.