CorMedix to acquire substantially all assets of Heron Therapeutics

CorMedix Therapeutics (Nasdaq: CRMD) has signed a definitive asset purchase agreement to acquire substantially all assets of Heron Therapeutics (Nasdaq: HRTX), assuming certain liabilities. The transaction is expected to close in the first quarter of 2027, subject to Heron stockholder approval and HSR clearance.

Heron's products are ZYNRELEF, APONVIE, CINVANTI and SUSTOL, which are administered in hospitals, ambulatory surgical centers and infusion centers. Heron, based in Cary, North Carolina, will remain publicly traded and retain its net operating loss carryforwards, CorMedix shares and earn-out rights. Heron reported about $150 million in trailing twelve-month net product revenue as of September 30, 2026.

Upfront consideration is $145 million in cash plus 14,583,333 CorMedix shares, with an aggregate upfront value of about $222.6 million based on a $5.32 closing price on November 6, 2026. CorMedix expects $45-$60 million in annual run-rate cost synergies by year-end 2027. Heron's Rubric Capital holds convertible notes to be exchanged for CorMedix shares.