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Heron Therapeutics jumps after CorMedix acquisition deal

By Reuters News

** Shares of Heron Therapeutics HRTX.O shares rise 31.4% to 38 cents

** Co has agreed to be acquired by CorMedix Therapeutics CRMD.O for an upfront consideration of $145 mln and up to $55 million in contingent earn-out payments

** The acquisition adds four products administered in hospitals, ambulatory surgical centers or infusion centers to CorMedix's portfolio

** Heron separately announces Q3 net revenue of $35.3 million, compared to $38.2 million a year earlier

** "CRMD's acquisition of HRTX assets is another step towards shifting the narrative beyond DefenCath and the pressures of the post-TDAPA period, and we think the deal makes sense at both a tactical and strategic level; with shares significantly below our fair value, we see upside at these levels,"- RBC Capital Markets

** Including session moves, HRTX has fallen 71.1% YTD

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