CorMedix, a biopharmaceutical company focused on critical care products, has announced a definitive agreement to acquire Melinta Therapeutics for $300 million in total consideration. The transaction, announced on Friday, represents a significant expansion of CorMedix's commercial platform in the infectious disease space.
Strategic Portfolio Expansion
The acquisition will add seven marketed products to CorMedix's portfolio, including six hospital- and clinic-focused infectious disease therapies: Rezzayo (rezafungin for injection), Minocin (minocycline) for injection, Vabomere (meropenem and vaborbactam), Kimyrsa (oritavancin), Orbactiv (oritavancin), and Baxdela (delafloxacin). The deal also includes the cardiovascular product Toprol-XL (metoprolol succinate).
"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," said Joseph Todisco, CEO of CorMedix Inc.
Key Growth Asset and Pipeline Development
Rezzayo represents a particularly significant growth opportunity within the acquired portfolio. The antifungal agent is currently approved for the treatment of candidemia and invasive candidiasis in adults. A Phase III study is ongoing for the prophylaxis of invasive fungal infections in adult patients undergoing allogeneic blood and marrow transplantation, with completion expected in the first half of 2026.
If the Phase III study proves successful, it could support a supplemental New Drug Application (sNDA) for the expanded prophylaxis indication. Peak annual sales for Rezzayo in this indication could exceed $200 million if approved.
Financial Impact and Revenue Projections
Melinta's portfolio generated total revenues of $120 million in 2024 and is expected to deliver $125 million to $135 million of revenue for fiscal year 2025. The combination is projected to achieve annual run-rate synergies of $35 million to $45 million in the near-term, with the acquisition expected to be highly accretive in 2026.
"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," said Christine Ann Miller, president and CEO of Melinta Therapeutics.
Transaction Structure and Financing
Under the agreement terms, approved by both companies' boards of directors, CorMedix will pay $300 million in upfront consideration, comprising $260 million in cash and $40 million in CorMedix equity issued to Melinta shareholders of Deerfield Management Company. The cash portion will be funded through CorMedix's existing cash reserves and proceeds from a $150 million convertible debt financing with healthcare-focused institutional investors.
The agreement includes an additional regulatory milestone of up to $25 million for FDA approval of Rezzayo's expanded prophylaxis indication, if achieved by June 30, 2029. The deal also features tiered royalties on Rezzayo US net sales and low-single-digit royalties on Minocin US net sales.
Additional Growth Opportunities
The acquisition positions CorMedix to leverage existing infrastructure for future expansion opportunities. The company expects that if DefenCath receives approval for total parenteral nutrition (TPN) indication, peak annual sales could reach $150 to $200 million, with significant inpatient utilization anticipated.
Additionally, BARDA has awarded Melinta funding for the development of both Baxdela and Vabomere for use in pediatric patient populations and against biothreat pathogens, providing additional upside growth potential.
The transaction is subject to Hart-Scott-Rodino Antitrust Improvements Act clearance, with CorMedix expecting closure as early as September 1, 2025.
