secwatch.observer — SEC 8-K summary
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Issuer:     CorMedix Inc. (CRMD)
CIK:        0001410098
Form:       8-K
Filed at:   2026-11-09T12:49:44+00:00
Accession:  0001213900-26-117213
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1410098/000121390026117213/0001213900-26-117213-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1410098/000121390026117213/ea0311423-8k_cormedix.htm
  HTML page:      https://secwatch.observer/filing/0001213900-26-117213

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer