---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-26-117213"
form_type: "8-K"
ticker: "CRMD"
cik: "0001410098"
company_name: "CorMedix Inc."
filed_at: "2026-11-09T12:49:44+00:00"
generated_at: "2026-11-09T12:55:30.682916+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# CorMedix to acquire Heron Therapeutics assets for $145M cash plus 14.58M shares

## Summary
- CorMedix and Heron signed an asset purchase agreement on Nov. 8, 2026; CorMedix will buy substantially all Heron assets and assume specified liabilities.
- Consideration: $145.0M cash (subject to working-capital adjustments; $2.0M escrow) and 14,583,333 CRMD shares; post-closing adjustments capped at $10.0M either way.
- Heron also gets 5.0% royalties on 2027-2029 annual net sales above $25M for CINVANTI, SUSTOL and multi-product license products; ZYNRELEF earn-outs $25M at $65M 2028 sales and $30M more at $95M.
- Financing: $150M senior secured term loan from Pharmakon/BioPharma Credit; $75M Tranche A funds the deal, up to $75M Tranche B for acquisitions; SOFR floor 3.50% + 5.75%, five-year maturity, 1.5% fee.
- Heron stockholder majority approval and HSR clearance are required; no CorMedix vote; Rubric, Velan funds and Heron directors/officers (~22%) signed support agreements; $4.0M termination fee.

## SEC filing metadata
- accession: 0001213900-26-117213
- form_type: 8-K
- ticker: CRMD
- cik: 0001410098
- company_name: CorMedix Inc.
- filed_at: 2026-11-09T12:49:44+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1410098/000121390026117213/0001213900-26-117213-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1410098/000121390026117213/ea0311423-8k_cormedix.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-117213
- JSON: https://secwatch.observer/filing/0001213900-26-117213.json
- Plain text: https://secwatch.observer/filing/0001213900-26-117213.txt

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