secwatch.observer — SEC 8-K summary
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Issuer:     HERON THERAPEUTICS, INC. /DE/ (HRTX)
CIK:        0000818033
Form:       8-K
Filed at:   2026-11-09T12:40:15+00:00
Accession:  0001193125-26-452672
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.90
Item codes: 1.01, 3.03, 7.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/818033/000119312526452672/0001193125-26-452672-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/818033/000119312526452672/hrtx-20261108.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-452672

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