CorMedix, a biopharmaceutical company specialising in critical care products, has signed an agreement to acquire Melinta Therapeutics for $300m upfront.
The acquisition includes additional milestone payments related to the Food and Drug Administration (FDA) approval for the expanded Rezzayo indication.
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The total consideration will comprise $260m in cash and $40m in equity, which will be issued to Melinta’s shareholders of Deerfield Management Company.
The cash component will be financed through existing funds and proceeds from CorMedix’s new $150m convertible debt financing arrangement with healthcare investors, including Deerfield.
There is also potential for an extra payout of up to $25m based on future Rezzayo regulatory milestones, with the milestone to be achieved by 30 June 2029.
The acquisition also entails royalties from US net sales of both Rezzayo and Minocin.
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By GlobalDataThe transaction is subject to the waiting period expiration or termination under the Hart-Scott-Rodino Antitrust Improvements Act.
CorMedix anticipates that the acquisition could close as early as 1 September 2025.
CorMedix CEO Joseph Todisco stated: “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 needs.
“The combination with Melinta creates a formidable and diversified speciality platform with a deep and experienced team in the hospital acute care and infectious disease arena.”
The acquisition is set to enhance CorMedix’s team and commercial platform while broadening its portfolio with seven marketed, highly differentiated infectious disease products: Baxdela (delafloxacin), Kimyrsa (oritavancin), Minocin (minocycline) for injection, Orbactiv (oritavancin), Rezzayo (rezafungin), Toprol-XL (metoprolol succinate) for cardiovascular health and Vabomere (meropenem/vaborbactam).
Moelis & Company is the exclusive financial advisor to CorMedix for its acquisition of Melinta and the sole placement agent for convertible debt financing.
Willkie Farr & Gallagher serves as legal advisor to CorMedix for both the acquisition and financing.
RBC Capital Markets is also advising CorMedix on the convertible debt financing, while Goodwin Procter is advising Moelis & Company.
