CorMedix Inc. (CRMD) Form 8-K — Nov 9, 2026
$CRMDForm 8-KItems 1.01, 2.03, 3.02, 7.01, 9.01Filed Nov 9, 2026, 7:49 AM ET0001213900-26-117213Original filing
CorMedix has agreed to acquire substantially all assets of Heron Therapeutics for $145.0 million in cash plus 14,583,333 CorMedix shares, along with 5.0% royalties above $25 million in annual CINVANTI/SUSTOL net sales (2027-2029) and up to $55 million in earn-outs tied to ZYNRELEF 2028 net sales. The deal adds four FDA-approved commercial products — CINVANTI, SUSTOL, ZYNRELEF and APONVIE — diversifying CorMedix beyond its lead product REZZAYO, and the filing states the transaction is expected to be accretive to earnings.
Key figures
- Debt Amount
- 150000000
- Deal Value Usd
- 145000000
- Interest Rate
- three-month Term SOFR (3.50% floor) plus 5.75%
- Shares Offered
- 14583333
- Escrow
- 2000000
- Conversion
- no vote of CorMedix stockholders required
- Earnout tier1
- $25.0M if ZYNRELEF 2028 net sales >= $65.0M
- Earnout tier2
- additional $30.0M if ZYNRELEF 2028 net sales >= $95.0M
- Loan tranche a
- 75000000
- Loan tranche b
- 75000000
- Termination fee
- 4000000
- Royalty threshold
- 5.0% royalty on CINVANTI/SUSTOL net sales above $25.0M annually in 2027-2029
- Target net working capital
- $102,000,000
- Closing cash adjustment cap
- $10.0M in either direction
- Supporting stockholders pct
- approximately 22% of Heron common stock under Voting Agreements
AI analysis
Red flags5 · Pro
The rest of the AI analysis, red flags and sentiment are part of Signal8 Pro.
AI-generated analysis of a public disclosure. Not investment advice; verify against the original document.