Cormedix Inc. has completed its acquisition of Melinta Therapeutics LLC, a move that significantly expands and diversifies the company’s product portfolio. The acquisition brings seven innovative drug products and a pipeline expansion indication with near-term revenue growth potential to Cormedix. The company now anticipates pro forma 2025 combined revenues to be in the range of $325 to $350 million, a substantial increase from the previous period. Additionally, the transaction is expected to be near-term accretive to earnings per share, with double-digit accretion expected in 2026.
The acquisition is expected to bring about annual run-rate synergies of approximately $35 to $45 million, further strengthening the financial position of the merged entity. Melinta’s portfolio, which generated total revenues of $120 million in 2024, is projected to deliver $125 million to $135 million of revenue for the fiscal year 2025.
The strategic and financial benefits of the acquisition are underscored by the potential for significant revenue growth from assets such as Rezayyo™, with peak annual sales in a new indication projected to exceed $200 million. The combined company also anticipates annual sales of Defencath® in the range of $150 to $200 million, pending approval.
In terms of leadership, Cormedix has announced a new senior leadership team following the acquisition, with several executives from Melinta assuming key roles within the merged company. Susan Blum, the CFO of Melinta Therapeutics LLC, will become the EVP & Chief Financial Officer, while Dr. Matt David, the EVP & CFO of Cormedix Inc., will take on the newly created role of EVP & Chief Business Officer. Liz Hurlburt, the EVP & Chief Clinical Strategy and Operations Officer of Cormedix Inc., will assume the newly created role of EVP & Chief Operating Officer and serve as the Chief Integration Officer. Beth Steinbrenner, the SVP and Chief Human Resource Officer of Cormedix Inc., will continue in her role for the newly merged company, as will Beth Zelnick Kaufman, the EVP & Chief Legal and Compliance Officer and Corporate Secretary of Cormedix Inc.
Under the terms of the agreement, Cormedix paid $300 million in upfront consideration, consisting of $260 million in cash and $40 million in Cormedix equity issued to affiliates of Deerfield Management Company, L.P. The cash consideration was funded by a combination of Cormedix’s existing cash on hand and the proceeds of a $150 million convertible debt financing with healthcare-focused institutional investors, including Deerfield.
This acquisition marks a significant milestone for Cormedix, as it positions the company for substantial revenue growth and strengthens its market position in the biopharmaceutical industry. Today the company's shares have moved 3.35% to a price of $14.83. If you want to know more, read the company's complete 8-K report here.
