CorMedix (CRMD) M&A announcement summary

Deal rationale and strategic fit

• Adds ZYNRELEF, APONVIE, CINVANTI and SUSTOL, with ~$150 million in trailing 12-month net product revenue as of September 30, 2026, across acute care and oncology supportive care.

• Products share institutional call points across hospitals, IDNs, ambulatory surgery centers and infusion centers, leveraging existing commercial infrastructure.

• Portfolio expands to 12 commercial products and includes a multi-product development and license agreement; CINVANTI and SUSTOL complement the planned REZZAYO prophylaxis launch.

• Strategy diversifies revenue across acute care and hematology/oncology supportive care, with ZYNRELEF seen as having untapped non-opioid postsurgical pain potential.

Financial terms and conditions

• Upfront consideration: $145 million cash plus 14,583,333 fixed shares; shares were valued at $105 million using $7.20 per share, and total upfront value was ~$222.6 million at the November 6, 2026 closing price of $5.32.

• Heron may earn up to $55 million based on 2028 ZYNRELEF net sales: $25 million at $65 million sales and an additional $30 million at $95 million.

• A 5% royalty applies to combined annual net sales of CINVANTI, SUSTOL and specified licensed products above $25 million in each of 2027, 2028 and 2029.

• $150 million senior secured Pharmakon term loan: $75 million drawn at closing and an optional additional $75 million through June 30, 2028; $75 million of loan proceeds and $70 million of existing cash fund the cash consideration.

• Rubric will exchange $35 million principal plus accrued interest, ~$37.8 million as of September 30, 2026, for shares received by Heron in four quarterly tranches; governance and trading restrictions apply.

Synergies and expected cost savings

• Annualized operating cost synergies of $45–$60 million are targeted by year-end 2027, primarily through overlapping commercial, G&A and public-company infrastructure; estimates remain preliminary.

• Management expects the transaction to be immediately accretive to earnings and free cash flow upon closing.

• A subset of legacy Heron employees will support the acquired portfolio; planned onboarding is consistent with the synergy target.