Willkie Advises CorMedix Therapeutics on Acquisition of Substantially All Assets of Heron Therapeutics

November 9, 2026

Willkie is representing CorMedix Therapeutics (Nasdaq: CRMD) in its acquisition of substantially all of the assets of Heron Therapeutics, Inc. (Nasdaq: HRTX), a commercial-stage biotechnology company, in a cash-and-stock deal involving contingent earn-out payments and royalties.

On November 9, CorMedix and Heron announced that they entered into a definitive asset purchase agreement under which CorMedix will acquire substantially all of the assets of Heron, and assume certain of Heron's liabilities, for upfront consideration consisting of $145 million in cash, plus 14,583,333 shares of CorMedix common stock, plus up to $55 million in contingent earn-out payments and additional royalties on net sales of certain Heron products.

Based on the closing price of CorMedix common stock on November 6, 2026, the stock consideration has a value of approximately $77.6 million, and the upfront consideration has an aggregate value of approximately $222.6 million.

Willkie is also advising CorMedix on the debt financing for the acquisition, which adds four commercial-stage products to CorMedix's portfolio.

CorMedix Therapeutics is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of life-threatening conditions and diseases in the United States.

The Willkie team is led by partners Jared Fertman and Andrew Marmer and includes partners Jordan Messinger, Sarah Gelb and Genevieve Dorment, counsel Jessica Tjang, and associates Daniela Abadi, Katherine Sears and Michael Sutton.

Related Locations

New York

787 Seventh Avenue
New York , NY 10019-6099

San Francisco

333 Bush St
San Francisco , CA 94104