CorMedix to acquire Melinta Therapeutics, Creating Diversified Specialty Company With Strong Presence in Acute Care Settings
CorMedix (NASDAQ:CRMD) has announced a transformational acquisition of Melinta Therapeutics for $300 million in upfront consideration, including $260M in cash and $40M in CRMD equity. The deal adds seven marketed products to CorMedix's portfolio and is expected to generate pro forma 2025 combined revenues of $305-335 million.
The acquisition brings significant strategic value with expected annual run-rate synergies of $35-45 million and is projected to be accretive to EPS with double-digit accretion in 2026. The deal includes potential additional payments of up to $25 million in regulatory milestones and royalties on REZZAYO™ and MINOCIN® sales.
The transaction is expected to close by September 1, 2025, subject to HSR Act requirements. Melinta's portfolio, which generated $120 million in 2024 revenue, includes key products like REZZAYO™, which has potential peak sales exceeding $200 million in its expanded indication.
CorMedix (NASDAQ:CRMD) ha annunciato un'acquisizione strategica di Melinta Therapeutics per un corrispettivo iniziale di 300 milioni di dollari, comprendente 260 milioni in contanti e 40 milioni in azioni CRMD. L'operazione aggiunge sette prodotti commercializzati al portafoglio di CorMedix e si prevede genererà ricavi combinati pro forma per il 2025 tra 305 e 335 milioni di dollari.
L'acquisizione apporta un significativo valore strategico con sinergie annuali previste tra 35 e 45 milioni di dollari e si prevede sarà accrescitiva per l'EPS con un incremento a doppia cifra nel 2026. L'accordo include potenziali pagamenti aggiuntivi fino a 25 milioni di dollari legati a traguardi regolatori e royalties sulle vendite di REZZAYO™ e MINOCIN®.
La transazione dovrebbe concludersi entro il 1° settembre 2025, subordinata ai requisiti della legge HSR. Il portafoglio di Melinta, che ha generato 120 milioni di dollari di ricavi nel 2024, comprende prodotti chiave come REZZAYO™, con potenziali vendite di picco superiori a 200 milioni di dollari nella sua indicazione ampliata.
CorMedix (NASDAQ:CRMD) ha anunciado una adquisición transformadora de Melinta Therapeutics por un pago inicial de 300 millones de dólares, que incluye 260 millones en efectivo y 40 millones en acciones de CRMD. El acuerdo añade siete productos comercializados al portafolio de CorMedix y se espera que genere ingresos combinados pro forma para 2025 de entre 305 y 335 millones de dólares.
La adquisición aporta un valor estratégico significativo con sinergias anuales previstas entre 35 y 45 millones de dólares y se proyecta que será accretiva para el EPS con un aumento de dos dígitos en 2026. El acuerdo incluye posibles pagos adicionales de hasta 25 millones de dólares por hitos regulatorios y regalías sobre las ventas de REZZAYO™ y MINOCIN®.
Se espera que la transacción se cierre antes del 1 de septiembre de 2025, sujeta a los requisitos de la ley HSR. El portafolio de Melinta, que generó 120 millones de dólares en ingresos en 2024, incluye productos clave como REZZAYO™, con ventas máximas potenciales superiores a 200 millones de dólares en su indicación ampliada.
CorMedix (NASDAQ:CRMD)는 Melinta Therapeutics를 3억 달러의 초기 대가로 인수한다고 발표했습니다. 이 금액은 현금 2억 6천만 달러와 CRMD 주식 4천만 달러를 포함합니다. 이번 거래로 CorMedix의 포트폴리오에 7개의 상용화된 제품이 추가되며, 2025년 예상 합산 매출액은 3억 500만 달러에서 3억 3,500만 달러에 이를 것으로 기대됩니다.
이번 인수는 연간 3,500만 달러에서 4,500만 달러의 시너지 효과가 예상되며, 2026년에는 주당순이익(EPS)이 두 자릿수로 증가하는 긍정적인 영향을 줄 것으로 전망됩니다. 또한, REZZAYO™와 MINOCIN® 판매에 따른 규제 성과금 및 로열티로 최대 2,500만 달러의 추가 지급 가능성이 포함되어 있습니다.
거래는 2025년 9월 1일까지 완료될 예정이며, HSR 법률 요건을 충족해야 합니다. Melinta의 포트폴리오는 2024년에 1억 2천만 달러의 매출을 기록했으며, 확장된 적응증을 가진 REZZAYO™와 같은 주요 제품을 포함하고 있습니다. 이 제품은 최대 매출이 2억 달러를 초과할 잠재력을 가지고 있습니다.
CorMedix (NASDAQ:CRMD) a annoncé l'acquisition transformative de Melinta Therapeutics pour une contrepartie initiale de 300 millions de dollars, comprenant 260 millions en espèces et 40 millions en actions CRMD. Cette opération ajoute sept produits commercialisés au portefeuille de CorMedix et devrait générer des revenus combinés pro forma de 305 à 335 millions de dollars en 2025.
L'acquisition apporte une valeur stratégique importante avec des synergies annuelles attendues entre 35 et 45 millions de dollars et devrait être accretive au BPA avec une augmentation à deux chiffres en 2026. L'accord inclut des paiements supplémentaires potentiels pouvant atteindre 25 millions de dollars liés à des jalons réglementaires et des redevances sur les ventes de REZZAYO™ et MINOCIN®.
La transaction devrait être finalisée d'ici le 1er septembre 2025, sous réserve des exigences de la loi HSR. Le portefeuille de Melinta, qui a généré 120 millions de dollars de revenus en 2024, comprend des produits clés comme REZZAYO™, dont les ventes maximales potentielles dépassent 200 millions de dollars dans son indication élargie.
CorMedix (NASDAQ:CRMD) hat die transformative Übernahme von Melinta Therapeutics für eine anfängliche Gegenleistung von 300 Millionen US-Dollar angekündigt, bestehend aus 260 Millionen US-Dollar in bar und 40 Millionen US-Dollar in CRMD-Aktien. Der Deal erweitert das Portfolio von CorMedix um sieben vermarktete Produkte und wird voraussichtlich pro forma kombinierte Umsätze von 305 bis 335 Millionen US-Dollar im Jahr 2025 erzielen.
Die Übernahme bringt erheblichen strategischen Wert mit sich, mit erwarteten jährlichen Synergien in Höhe von 35 bis 45 Millionen US-Dollar und wird voraussichtlich das Ergebnis je Aktie (EPS) mit einer zweistelligen Steigerung im Jahr 2026 erhöhen. Der Deal beinhaltet potenzielle zusätzliche Zahlungen von bis zu 25 Millionen US-Dollar für regulatorische Meilensteine und Lizenzgebühren auf REZZAYO™- und MINOCIN®-Verkäufe.
Der Abschluss der Transaktion wird bis zum 1. September 2025 erwartet, vorbehaltlich der Anforderungen des HSR-Gesetzes. Das Portfolio von Melinta, das im Jahr 2024 120 Millionen US-Dollar Umsatz erzielte, umfasst wichtige Produkte wie REZZAYO™, das in seiner erweiterten Indikation ein potenzielles Spitzenumsatzvolumen von über 200 Millionen US-Dollar aufweist.
- Transaction expected to be near-term accretive to EPS with double-digit accretion in 2026
- Significant annual run-rate synergies of $35-45 million expected
- Addition of seven marketed products with combined pro forma 2025 revenues of $305-335 million
- REZZAYO™ potential peak annual sales could exceed $200 million in expanded indication
- Melinta's strong revenue base with $120 million in 2024 and projected $125-135 million for 2025
- DefenCath® projected 2025 revenue of $180-200 million
- Substantial cash outlay of $260 million required for acquisition
- $150 million convertible debt financing needed to fund the transaction
- Additional regulatory milestone payments of up to $25 million may be required
- Integration risks associated with combining two companies
Insights
CorMedix's acquisition of Melinta creates a stronger specialty pharma company with significant revenue diversification and strong near-term accretion potential.
This $300 million acquisition represents a transformative deal for CorMedix, substantially expanding its commercial portfolio from essentially a single product company to one with seven marketed products. The transaction combines CorMedix's DefenCath® with Melinta's established infectious disease portfolio that generated $120 million in revenue in 2024.
The financial metrics are compelling. The combined entity projects pro forma 2025 revenues of $305-335 million, with DefenCath® expected to contribute $180-200 million. The deal structure includes $260 million in cash and $40 million in equity to Melinta's shareholders (Deerfield Management), with additional contingent considerations tied to regulatory milestones.
Critical to the investment thesis are the projected synergies of $35-45 million annually and the expectation of double-digit EPS accretion in 2026. The transaction will be financed through CorMedix's existing cash and a $150 million convertible debt offering.
Beyond immediate financial benefits, the acquisition provides strategic advantages. It establishes a stronger commercial infrastructure specifically targeting hospital and acute care settings, which aligns perfectly with CorMedix's future growth plans for DefenCath® in total parenteral nutrition (TPN), which has potential peak sales of $150-200 million if approved.
The most significant growth driver from Melinta's portfolio appears to be REZZAYO™ (rezafungin), which is currently undergoing Phase III trials for prophylaxis of invasive fungal infections in transplant patients. If successful, this expanded indication could generate peak annual sales exceeding $200 million.
This transaction transforms CorMedix from a single-product company into a diversified specialty pharmaceutical organization with multiple revenue streams, established commercial infrastructure, and several growth catalysts. The projected pro forma 2025 synergized adjusted EBITDA of $150-170 million demonstrates the immediate value creation potential of this acquisition.
- Transformational deal for CorMedix that expands and diversifies company’s commercial product portfolio, with seven innovative drug products and a pipeline expansion indication with near-term revenue growth potential
- Transaction expected to be near-term accretive to EPS with double-digit accretion expected in 2026; annual run-rate synergies expected to be ~
$35 t o$45 million - Pro forma 2025 combined revenues estimated to be
$305 t o$335 million - Advances CorMedix’s strategy to build a formidable specialty pharmaceutical business through a combination of organic and inorganic growth
- Dynamic platform can be leveraged to support additional products and expand as the combined company enters its next phase
- CorMedix to host conference call and webcast today at 8:30 a.m. ET.
BERKELEY HEIGHTS, N.J., Aug. 07, 2025 (GLOBE NEWSWIRE) -- CorMedix Inc. (“CorMedix”) (Nasdaq: CRMD), a biopharmaceutical company focused on developing and commercializing therapeutic products for life-threatening diseases and conditions, and Melinta Therapeutics LLC (“Melinta”), a private commercial-stage company providing innovative therapies for acute and life-threatening illnesses, today announced a definitive agreement for CorMedix to acquire Melinta. The selling shareholders will receive
The proposed acquisition will expand CorMedix’s team and commercial platform, and increase the commercial portfolio with six marketed, highly differentiated, hospital- and clinic-focused infectious disease products, including REZZAYO™ (rezafungin for injection), MINOCIN® (minocycline) for Injection, VABOMERE® (meropenem and vaborbactam), KIMYRSA® (oritavancin), ORBACTIV™ (oritavancin), BAXDELA® (delafloxacin), and an additional well-established cardiovascular product, TOPROL-XL® (metoprolol succinate). REZZAYO™ is currently approved for the treatment of candidemia and invasive candidiasis in adults, with an ongoing Phase III study for the prophylaxis of invasive fungal infections in adult patients undergoing allogeneic blood and marrow transplantation. The completion of the Phase III study for REZZAYO™ is expected in 1H 2026.
“This acquisition is a transformational step in the evolution of CorMedix, providing an attractive revenue base of highly synergistic assets, as well as multiple opportunities to drive future growth. We are excited to acquire Melinta, which enables us to expand our product portfolio in the hospital space while delivering therapies to patients with high unmet need,” said Joseph Todisco, CEO of CorMedix Inc. “I would like to congratulate Christine Ann Miller, Melinta Therapeutics President & CEO, on building a high-performing organization. The combination with Melinta creates a formidable and diversified specialty platform with a deep and experienced team in the hospital acute care and infectious disease arena. This transaction reflects the type of high-impact, cash-flow generating opportunities we are targeting and strengthens our position to further expand, as we strive to create shareholder value through both organic growth and additional acquisitions in the future.”
"The synergistic combination of Melinta and CorMedix represents an exciting new chapter in our company's evolution," said Christine Ann Miller, President and CEO of Melinta Therapeutics. “Over the past five years, we have built a robust commercial infrastructure with a high-performing team, deep expertise, and relationships within the hospital and acute care ecosystem, while achieving significant revenue growth and sustained profitability. CorMedix recognizes not just our innovative therapies, but the exceptional capabilities of our organization. I'm confident that Melinta's commercial excellence and proven track record will augment CorMedix’s team and track record of operational execution and success, to create an even stronger platform for future growth."
Strategic and Financial Benefits
- Strengthens portfolio with multiple growth driving assets - Seven marketed products (MINOCIN®, REZZAYO™, VABOMERE®, ORBACTIV™, BAXDELA®, KIMYRSA®, and TOPROL-XL®) will add revenue and expanded reach in infectious disease.
- Diversifies and increases portfolio and revenue base and cash flow - Melinta’s portfolio generated total revenues of
$120 million in 2024 and is expected to deliver$125 million to$135 million of revenue for FY 2025. - Growth asset in REZZAYO™ for prophylaxis - Ongoing Phase III study of REZZAYO™, if successful, is expected to support a supplemental New Drug Application (sNDA) for expanded use for the prophylaxis of invasive fungal infections in adult patients undergoing allogeneic blood and marrow transplant. If approved, peak annual sales for REZZAYO™ in this indication could exceed
$200 million . - Upside growth potential with BARDA collaborations for BAXDELA® and VABOMERE® - BARDA has awarded Melinta funding for the development of both products for use in pediatric patient populations and against biothreat pathogens.
- Strong fit with existing CorMedix infrastructure and future deployment needs – With the potential to achieve annual run-rate synergies of
$35 million to$45 million in the near-term, the combination sets the stage for the future potential expansion of DefenCath® into total parenteral nutrition (TPN), for which inpatient utilization is expected to be significant. CorMedix expects that if approved, peak annual sales of DefenCath® in the TPN indication will be$150 t o$200 million . - Acquisition is expected to be highly accretive in 2026
Terms and Financing
Under the terms of the agreement, which has been approved by the CorMedix and Melinta Board of Directors respectively, CorMedix will pay
The transaction is subject to the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the 'HSR Act'). The Company expects the transaction to close as early as September 1, 2025.
Full Year Financial Guidance
- Pro Forma 2025 Revenue:
$305 million –$335 million - Pro Forma 2025 Synergized Adjusted EBITDA:
$150 million –$170 million - DefenCath® 2025 Revenue:
$180 million –$200 million
Advisors
Moelis & Company LLC is acting as exclusive financial advisor for CorMedix in connection with the acquisition of Melinta and sole placement agent for convertible debt financing. Willkie Farr & Gallagher LLP is acting as legal advisor to CorMedix in connection with the acquisition of Melinta and the convertible debt financing. RBC Capital Markets is acting as a financial advisor to CorMedix in connection with the convertible debt financing. Goodwin Procter LLP is acting as a legal advisor to Moelis & Company LLC for the convertible debt financing.
Conference Call and Webcast Information
Management will host a conference call and a live webcast today, August 7, 2025, at 8:30 a.m. ET, to discuss the transaction and CorMedix’s second quarter 2025 financial results. The conference call can be accessed by dialing 1-844-676-2922 from the United States or 1-412-634-6840 internationally. The live webcast will be accessible in the “Presentations & Events” section of the CorMedix Investor Relations website or using the following Webcast Link.
About CorMedix
CorMedix Inc. is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of life-threatening conditions and diseases. The Company is focused on commercializing its lead product DefenCath® (taurolidine and heparin) which was approved by the FDA on November 15, 2023. CorMedix commercially launched DefenCath® in inpatient settings in April 2024 and in outpatient settings in July 2024. CorMedix is commencing clinical studies in Total Parenteral Nutrition and Pediatric patient populations in 2025 and also intends to develop DefenCath® as a catheter lock solution for use in other patient populations. For more information visit: www.cormedix.com.
About Melinta
Melinta Therapeutics is a biopharmaceutical company dedicated to providing innovative therapies to people impacted by acute and life-threatening illnesses. We focus our expanding portfolio on serving patients with an unmet need because that’s how we make the most meaningful impact. At Melinta, we’re visionaries dedicated to innovation while staying grounded in what matters most: patients. Our portfolio currently includes seven commercial-stage products: MINOCIN® (minocycline), REZZAYO™ (rezafungin), VABOMERE® (meropenem and vaborbactam), ORBACTIV™ (oritavancin), BAXDELA® (delafloxacin), KIMYRSA® (oritavancin), and TOPROL-XL® (metoprolol succinate). For more information about Melinta Therapeutics, our commitment to patients, and to learn about our portfolio of therapies, visit www.melinta.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange, as amended (the “Exchange Act”), that are subject to risks and uncertainties. Forward-looking statements are often identified by the use of words such as, but not limited to, “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “will,” “plan,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions or variations intended to identify forward-looking statements. All statements, other than statements of historical facts, regarding management’s expectations, beliefs, goals, plans or CorMedix’s prospects should be considered forward-looking statements. Readers are cautioned that actual results may differ materially from projections or estimates due to a variety of important factors, and readers are directed to the Risk Factors identified in CorMedix’s filings with the SEC, including its most recent Annual Report on Form 10-K, copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from CorMedix and in the Quarterly Report on Form 10-Q for the quarter ended, on June 30, 2025. CorMedix may not actually achieve the goals or plans described in its forward-looking statements, and such forward-looking statements speak only as of the date of this press release. Investors should not place undue reliance on these statements. CorMedix assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Actual outcomes or results may differ from anticipated results, sometimes materially. Factors that could cause actual results to differ include, but are not limited to: the ultimate outcome of the acquisition of Melinta; the satisfaction of the conditions to the closing of the proposed transaction in a timely manner; the ability of the combined company to achieve the identified synergies; the ability to integrate the Melinta business into CorMedix and realize the anticipated strategic benefits of the transaction within the expected time-frames or at all; that such integration may be more difficult, time-consuming or costly than expected; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; the retention of certain key employees of Melinta; the expected benefits and success of Melinta’s products and product candidates; potential litigation relating to the potential transaction that could be instituted against CorMedix or its directors; rating agency actions and CorMedix’s ability to access short- and long-term debt markets on a timely and affordable basis; general economic conditions that are less favorable than expected; geopolitical developments and additional changes in international trade policies and relations, including tariffs; and the ability of our products and product candidates to compete effectively against current and future competitors.
Investor Contact:
Dan Ferry
Managing Director
LifeSci Advisors
daniel@lifesciadvisors.com
(617) 430-7576
FAQ
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