Cormedix said on Thursday that it signed a definitive agreement for CorMedix to acquire Melinta.
Melinta, a Parsippany-based company that provides therapies for acute and life-threatening illnesses, will join under Cormedix, the Berkeley Heights pharmaceutical company.
CorMedix will pay Melinta $300 million in upfront consideration (subject to customary adjustments), comprising $260 million in cash and $40 million in CorMedix equity (in the form of pre-funded warrants) issued to Melinta shareholders. The merger is subject to customary closing conditions and U.S. regulatory approval and is expected to close in September.
Since becoming privately owned in 2020, Melinta has since achieved 85% revenue growth, positive cash flow and sustainable profitability.
Melinta Therapeutics CEO Christine Ann Miller, explained the partnership.
“By joining forces with CorMedix, we’re creating a stronger organization that will accelerate both our mission to provide innovative therapies to people impacted by acute and life-threatening illnesses and our vision that all patients who need our therapies receive them,” she said.
This acquisition will expand CorMedix’s commercial portfolio with six marketed, highly differentiated, hospital- and clinic-focused infectious disease products, including REZZAYO®, MINOCIN® for Injection, VABOMERE®, KIMYRSA®, ORBACTIV® and BAXDELA®.
CorMedix CEO Joseph Todisco explained the business side.
“Melinta’s proven commercial platform and portfolio perfectly complement our own, and once combined we will have the scale, resources, and expertise to accelerate innovation while creating significant value for our stakeholders,” he said.
