CorMedix to take over Heron's four-product hospital portfolio in deal worth $222.6m upfront

CorMedix has agreed to buy the business of Heron Therapeutics, taking on four marketed medicines: ZYNRELEF, APONVIE, CINVANTI and SUSTOL. The two companies announced the transaction on 9 November 2026. CorMedix puts the upfront value at about $222.6 million.

The products address three areas: pain after surgery, nausea and vomiting after surgery, and nausea and vomiting caused by chemotherapy. The deal would give CorMedix a commercial line-up in those settings. The facts available do not include sales figures for the products, so the revenue they would add is not clear.

The price has several layers. CorMedix will pay $145 million in cash and issue 14,583,333 of its own shares. Heron's side can also earn up to $55 million in milestone-style payments, plus royalties. To finance part of the deal, CorMedix plans to draw $75 million on a new term loan from Pharmakon. Neither company has said, in the material available, how the shares were valued or what triggers the earn-outs.

Completion is expected in the first quarter of 2027. Heron's stockholders must approve the sale, and the transaction needs clearance under the Hart-Scott-Rodino Act, the US pre-merger antitrust review. Either step could affect the schedule.