New Jersey biopharma CorMedix entered its commercial phase in 2023 with a long-awaited approval of DefenCath, a combination treatment that reduces the risk of catheter-related bloodstream infections (CRBSIs) for those with kidney disease.
Two years later, CorMedix is expanding its portfolio of infectious disease products for hospitalized patients with the acquisition of another New Jersey-based commercial-stage company, Melinta Therapeutics, for $300 million.
The 25-year-old private firm brings seven marketed products, including six for infectious diseases, led by its top seller Rezzayo, which treats potentially fatal yeast infections in the bloodstream. The antifungal was also approved in 2023.
“This deal is transformational for CorMedix, creating a fully diversified specialty pharmaceutical company with a broad portfolio of commercial and pipeline products concentrated in the acute care and anti-infectives area,” CEO Joe Todisco said in a Thursday conference call.
Todisco added that the companies’ operational infrastructures are “highly synergistic,” which CorMedix estimates will lead to between $35 million and $45 million in annual savings.
CorMedix projects Melinta products will generate between $125 million and $135 million in revenue this year. The company also expects future growth from Rezzayo with an anticipated expansion as a prophylaxis of invasive fungal diseases in patients undergoing blood and marrow transplants.
“We estimate that, if approved, peak annual sales potential in this indication could exceed $200 million,” Todisco said.
The companies expect to close the transaction as early as Sept. 1.
“Over the past five years, we have built a robust commercial infrastructure with a high-performing team, deep expertise, and relationships within the hospital and acute care ecosystem, while achieving significant revenue growth and sustained profitability,” Melinta CEO Christine Ann Miller said in a release. “CorMedix recognizes not just our innovative therapies, but the exceptional capabilities of our organization.”
As for DefenCath, the company is projecting sales of between $180 million and $200 million this year, thanks largely to a deal with a Large Dialysis Organization (LDO), which CorMedix announced two weeks ago. With the sales boost combined with the acquisition, CorMedix is projecting 2025 revenue between $305 million and $335 million.
CorMedix also has expansion plans for DefenCath as a treatment to reduce central-line bloodstream infections (CLABSIs) for those receiving total parental nutrition through a central venous catheter. A phase 3 study is underway with plans to submit for approval in late 2026 or early 2027.