The Ledger

CorMedix agreed to buy substantially all of Heron Therapeutics’ assets for $145 million in cash and 14,583,333 shares, about $222.6 million upfront at its November 6 share price. CorMedix, the maker of the catheter-infection drug DefenCath, announced the deal on November 9 in a CorMedix press release filed with the SEC. It gets four drugs given in hospitals, ambulatory surgical centers and infusion centers: ZYNRELEF for postoperative pain, APONVIE for postoperative nausea and vomiting, and CINVANTI and SUSTOL for chemotherapy-induced nausea and vomiting. Heron’s trailing twelve-month net product revenue was about $150 million as of September 30. The share count is fixed at $105 million divided by $7.20, so it does not move with CorMedix’s price; at the $5.32 close the shares are worth about $77.6 million. Heron can also earn up to $55 million tied to 2028 ZYNRELEF sales, plus a 5% royalty on certain sales above $25 million for 2027 through 2029. CorMedix will fund the cash with a new $150 million term loan from funds managed by Pharmakon Advisors, with $75 million drawn at closing. Who it hits: hospital and surgery center pharmacy buyers who contract for these drugs, and any specialty drugmaker weighing a sale of a hospital-use portfolio. So what: CorMedix says the assets add $125 million to $150 million of 2027 revenue and $45 million to $60 million of annual cost savings by year-end 2027, and Heron will exit operations but stay public with its tax losses and the CorMedix shares. Closing is expected in the first quarter of 2027 and needs Heron stockholder approval and Hart-Scott-Rodino antitrust clearance; holders of about 22% of Heron’s stock have signed voting agreements. The release gives no breakup fee and no price per Heron share. Confidence: High on the terms, which come from CorMedix’s release; we did not read Heron’s own filing.

CorMedix’s third quarter revenue fell to $54.5 million from $104.3 million, and it suspended its 2027 DefenCath guidance the same week it bought Heron. The company’s third quarter results release, dated November 12 and distributed through GlobeNewswire, shows net product sales of $48.6 million, a net loss of $14.7 million and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $3.1 million. DefenCath contributed $17.2 million, including a $5.0 million favorable estimate change, and the rest of the portfolio contributed $37.3 million. Cash was $355.2 million. Full-year revenue guidance of $325 million to $345 million is maintained, and adjusted EBITDA guidance is narrowed to $130 million to $140 million. Who it hits: dialysis and hospital buyers of DefenCath, and anyone modeling the catheter-infection drug category. So what: the deal diversifies a company whose lead product is shrinking quarter over quarter, though the release does not say why the 2027 DefenCath outlook was pulled. Confidence: High on the figures; Low on cause, which the release does not state.

Redeemer Health’s Chapter 11 gets an interim cash order and a December 14 final hearing, with four health systems reportedly in diligence on Holy Redeemer Hospital. The Pennsylvania system and 11 affiliates filed November 1 in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania after the board decided to sell or close the 239-bed hospital, per Medical Daily. The municipal bond analyst Bondoro’s case summary says bondholders hold liens securing about $77 million, the September 1 and October 1 bond payments were missed, Moody’s cut the rating to Caa3 on October 9, and the investment banker SSG Capital Advisors is running a sale process with four systems under nondisclosure agreements. Bondoro’s 13-week budget projects about $14.1 million of cash at the end of January. Reporting indicates Judge Derek Baker entered an interim cash collateral order on November 9. Who it hits: bondholders, the regional systems that could buy the hospital and its roughly 2,770 employees, and nearby payers. So what: the proposed sale timetable required a bid procedures motion within 14 days of filing, so the process should show its terms around November 15. No buyer has been named. Confidence: Med; we read secondary summaries and did not read the court docket or the interim order.

A note on today’s scan: Thursday was thin on new primary-source finance items beyond the CorMedix and Heron filings. We found no new rating actions, health system earnings or antitrust actions dated November 11 or 12. Definitive Healthcare’s November 5 results release gave no guidance and held no call, and it states no price for Advent International’s non-binding proposal. Frontier scan: we checked medical debt and credit reporting and found no new item dated this month; the most recent federal action we found was the Consumer Financial Protection Bureau’s October 2025 preemption position, outside the window.

THE DEAL SHEET

Target	Acquirer/Investor	Vertical	Value	Source
Substantially all assets of Heron Therapeutics (announced November 9)	CorMedix	Hospital, surgery center and infusion drugs	$145 million cash plus 14,583,333 shares, up to $55 million of earn-outs	CorMedix press release
Artiva HCx revenue cycle business of Finvi	VisiQuate	Revenue cycle software	Not disclosed	Health IT Answers roundup, November 12
LookDeep Health	LeanTaaS	Computer-vision virtual patient monitoring	Not disclosed	Health IT Answers roundup, November 12

Three transactions spotted. The Heron deal is confirmed from the buyer’s own release. The two health IT rows come from a trade roundup posted November 12 that gives no release dates or values; we did not read either company’s release, so treat them as Low confidence.