The company expects the move to lift near-term earnings, cut operating costs, and open new growth avenues in infectious disease, cardiovascular care, and potential DefenCath expansion.
Retail chatter around CorMedix spiked Thursday after the company disclosed a $300 million agreement to acquire Melinta Therapeutics, adding seven marketed drugs, expanding into acute care, and aiming for near-term earnings growth.
The purchase price includes $260 million in cash and $40 million in CorMedix stock, with Melinta’s shareholders also eligible for up to $25 million linked to a regulatory milestone, as well as royalties on U.S. sales of antifungal Rezzayo and antibiotic Minocin.
CorMedix will fund the cash portion through a mix of existing reserves and a $150 million convertible debt raise with healthcare-focused institutional investors, including Deerfield Management.
The deal will add seven marketed products to CorMedix’s portfolio: Rezzayo, Minocin, Vabomere, Kimyrsa, Orbactiv, Baxdela, and Toprol-XL.
Rezzayo is already cleared to treat candidemia and invasive candidiasis in adults, and is in Phase III testing for preventing invasive fungal infections in adults undergoing allogeneic blood and marrow transplants. Trial results are expected in the first half of 2026.
Melinta generated $120 million in revenue in 2024 and anticipates $125 million to $135 million for this year. CorMedix projects the combined company will generate $305 million to $335 million in 2025 revenue, and sees the deal adding to earnings per share in the near term with double-digit EPS growth anticipated in 2026.
The integration could help reduce annual operating costs by roughly $35 million to $45 million.
The company also highlighted future opportunities, including the development of Baxdela and Vabomere for pediatric use and protection against biothreat pathogens, supported by BARDA.
The potential expansion of DefenCath into total parenteral nutrition could bring in $150 million to $200 million a year if approved, the company said.
The transaction has been approved by both boards, and closing could come as soon as Sept. 1.
Advisers on the deal include Moelis & Company as exclusive financial advisor to CorMedix and placement agent for the convertible debt financing, with Willkie Farr & Gallagher LLP as legal counsel. RBC Capital Markets is advising on the debt raise, and Goodwin Procter LLP is representing Moelis.
On Stocktwits, retail sentiment for CorMedix was ‘extremely bullish’ amid a 1,185% surge in 24-hour message volume.
One user said they were pleased with the CorMedix deal, calling it a “wonderful acquisition,” though regretting not buying more shares when the price was under $10.
Another user credited Deerfield’s team for persuading CorMedix to complete the purchase, saying the transaction was a major win for the sellers.
CorMedix’s stock has risen 31.5% so far in 2025.
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