Highlights

• BioPharma Credit announced a new Investment of up to US$50m in US drugmaker CorMedix on 10 November.

• CorMedix signed a US$150m senior secured term Loan with Pharmakon-managed funds to back an acquisition.

• The first US$75m Tranche is earmarked for buying substantially all of Heron Therapeutics' Assets for cash and shares.

• Loans carry three-month Term SOFR plus 5.75%, with a 3.50% floor and a 1.5% funding fee.

CorMedix, a Nasdaq-listed US biopharmaceutical group that sells into hospitals, infusion centres and dialysis clinics, is gearing up for its next acquisition. Funding part of that push is BioPharma Credit (LSE:BPCP), the London-listed life sciences Debt investor managed by Pharmakon Advisors, which announced a new investment of up to US$50m in the company. The deal links one of the more specialist LSE stocks to a US healthcare consolidation story still waiting on regulatory and Shareholder sign-off.

CorMedix sets its sights on Heron Therapeutics

On 9 November 2026, CorMedix agreed to buy substantially all of the assets of Heron Therapeutics. The upfront consideration is US$145m in cash plus 14,583,333 CorMedix shares, with an earn-out of up to US$55m tied to 2028 net sales of ZYNRELEF and a Royalty on certain other product sales.

The four products changing hands are ZYNRELEF, APONVIE, CINVANTI and SUSTOL, used in hospitals, ambulatory surgical centres and infusion centres. Heron reported roughly US$150m of trailing twelve-month net product Revenue as of 30 September 2026. CorMedix Chairman and CEO Joseph Todisco called the deal "a meaningful step forward in our strategy to build a diversified portfolio of products used in institutional settings of care."

How the US$150m loan Facility is structured

CorMedix signed a senior secured term loan facility of up to US$150m on 8 November 2026. Tranche A, worth US$75m, is intended to fund the Heron purchase at closing. Tranche B, of up to US$75m, may fund other acquisitions or in-licensing of commercial-stage pharmaceutical products, and is available through 30 June 2028.

CorMedix's loan agreement names BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP as lenders, both managed by Pharmakon, with BioPharma Credit PLC (LSE:BPCP) acting as Collateral agent.

Pricing, security and repayment terms

The loans pay three-month Term SOFR, subject to a 3.50% floor, plus 5.75% a year, quarterly in arrears. By calculation, that implies a minimum annual rate of 9.25%. A 1.5% payment is due on each loan when funded.

Maturity falls on the fifth anniversary of the first funding, with quarterly Amortisation starting after year three. Prepayment premiums step down from 3.0% to 1.0%, and a make-whole applies in the first two years. The facility is guaranteed by CorMedix and substantially all its wholly owned subsidiaries, and secured on substantially all their assets, subject to exceptions. There are no financial covenants.

Conditions and risks on the radar

Completion of the Heron deal, expected in the first quarter of 2027, needs Heron stockholder approval and expiry of the US antitrust waiting period. Tranche A is available only until 8 May 2027 and requires the Acquisition to close. Maturity can spring forward if Leverage tops 3.00x while more than US$25m of CorMedix's 2030 convertible notes remain outstanding. Default events include Withdrawal of regulatory approvals for specified products.

The next milestones for shareholders

Attention now turns to the Heron vote and antitrust clearance, which together govern when Tranche A can be drawn. Under the agreement, Tranche B may be funded before or after Tranche A; if it goes first, CorMedix must borrow between US$50m and US$75m before 30 July 2028.