---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-452672"
form_type: "8-K"
ticker: "HRTX"
cik: "0000818033"
company_name: "HERON THERAPEUTICS, INC. /DE/"
filed_at: "2026-11-09T12:40:15+00:00"
generated_at: "2026-11-09T12:45:12.731586+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Heron Therapeutics to sell substantially all assets to CorMedix for $145M cash plus 14.58M shares

## Summary
- Heron will sell substantially all assets to CorMedix for $145.0M cash plus 14,583,333 CorMedix shares; Heron retains NOLs and certain tax attributes.
- Consideration includes 5.0% royalties on annual net sales of CINVANTI, SUSTOL and DL-agreement products above $25.0M in each calendar year 2027, 2028 and 2029.
- Earn-outs: $25M if ZYNRELEF 2028 net sales reach $65M; additional $30M at $95M, payable in cash/stock at CorMedix's election subject to 19.9% cap.
- Deal needs majority Heron stockholder vote and HSR clearance; Rubric, Velan and Heron directors/officers owning ~22% signed support agreements; $4.0M break fee.
- Rubric to exchange $35.0M of 2031 convertible notes into CorMedix shares post-closing; Heron to repay Hercules facility; no liquidation planned.

## SEC filing metadata
- accession: 0001193125-26-452672
- form_type: 8-K
- ticker: HRTX
- cik: 0000818033
- company_name: HERON THERAPEUTICS, INC. /DE/
- filed_at: 2026-11-09T12:40:15+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 3.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/818033/000119312526452672/0001193125-26-452672-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/818033/000119312526452672/hrtx-20261108.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-452672
- JSON: https://secwatch.observer/filing/0001193125-26-452672.json
- Plain text: https://secwatch.observer/filing/0001193125-26-452672.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.