Pharma BD Deal Intelligence
CorMedix entered a definitive asset purchase agreement to acquire substantially all of the assets of Heron Therapeutics, including the commercial supportive-care products CINVANTI and SUSTOL. Upfront consideration is $145 million in cash, subject to customary purchase price adjustments, plus 14,583,333 shares of CorMedix common stock (fixed at $105 million divided by $7.20 per share and not adjusted for subsequent share-price moves). Heron is additionally eligible for up to $55 million in contingent earn-out payments and a 5% royalty on the portion of combined annual net sales of CINVANTI, SUSTOL and products covered by Heron's multi-product Development and License Agreement that exceeds $25 million in each of calendar 2027, 2028 and 2029. Both boards approved the agreement, which was signed November 8, 2026 and announced November 9, 2026.
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