NEW INVESTMENT OF UP TO US$50M IN CORMEDIX INC.
10 November 2026
BIOPHARMA CREDIT PLC
(THE "COMPANY")
NEW INVESTMENT OF UP TO US$50 MILLION IN CORMEDIX INC.
BioPharma Credit PLC (LSE: BPCR), the specialist life sciences debt investment trust, is pleased to announce that together with BioPharma Credit Investments V (Master) LP (“BioPharma-V”) it has entered into a new senior secured loan agreement (the “Loan Agreement”) with CorMedix Inc. (“CorMedix”). The Company, through its fully owned subsidiary, will invest up to US$50 million and BioPharma-V will invest up to an additional US$100 million in parallel for a total US$150 million facility comprised of two tranches of US$75 million, with the Company acting as collateral agent.
On 9 November 2026, CorMedix announced entering into a definitive asset purchase agreement with Heron Therapeutics, Inc. (“Heron”), for the acquisition of substantially all of Heron’s assets (including four commercial-stage products: Zynrelef, Aponvie, Cinvanti, and Sustol). The upfront consideration for the transaction is US$145 million in cash, subject to customary purchase price adjustments, 14,583,333 shares of CorMedix common stock, with additional consideration of up to US$55 million in earn-out payments to Heron with respect to 2028 Zynrelef net sales, and a royalty on net sales of certain products (the “Heron Acquisition”). The Heron Acquisition is expected to close in Q1 2027, subject to regulatory clearance, approval by Heron stockholders, and other customary closing conditions.
Under the Loan Agreement, the Company will invest up to US$50 million across two tranches, with the balance of the tranches being provided by BioPharma-V, subject to customary conditions precedent:
- Tranche A of US$25 million is available in connection with the closing of the Heron Acquisition; and
- Tranche B of up to US$25 million is available to be requested until 30 June 2028, in connection with the in-licensing or acquisition of commercial-stage pharmaceutical products.
The loan will mature five years after the first funding date, and will bear interest at 3-month SOFR plus 5.75 per cent. per annum subject to a 3.50 per cent. SOFR floor. A one-time additional consideration of 1.50 per cent of each tranche is payable by CorMedix upon the funding of each respective tranche.
CorMedix is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of life-threatening conditions and diseases in the United States, with a current market capitalization of ~US$418 million (Ticker: CRMD – NASDAQ). CorMedix is focused on selling and marketing products in institutional care settings in the United States and has field-based medical and commercial infrastructure deployed in hospitals, clinics and infusion centers. According to CorMedix, following the closing of the Heron Acquisition, it expects pro forma 2026 estimated revenue for the combined business of 12 commercial products to be US$465 million – US$490 million.
Enquiries:
BioPharma Credit plc
via MUFG Corporate Governance Limited
Company Secretary
+44 (0) 333 300 1932
Burson Buchanan
Henry Wilson / Helen Tarbet / Jamie Hooper / Nick Croysdill
+44 (0)20 7466 5000
biopharmacredit@buchanan.uk.com
Notes to Editors:
BioPharma Credit PLC is London's only specialist debt investor to the life sciences industry and joined the LSE in March 2017. BioPharma Credit PLC seeks to provide long-term shareholder returns, principally in the form of sustainable income distributions from exposure to the life sciences industry. BioPharma Credit PLC seeks to achieve this objective primarily through investments in debt assets secured by royalties or other cash flows derived from the sales of approved life sciences products.
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