Based on Cardiome's share price Tuesday of $4.17, the total deal is worth about $23 million.
Cardiome's flagship product is Brinavess, which is used for treating abnormal heart rhythm.
"The Correvio acquisition fulfills many of our immediate strategic needs by providing an operational European platform, global distribution, complementary products and the financial flexibility required to accelerate the launch of Brinavess," Cardiome president and chief executive William Hunter said in a statement.
Under the deal, Cardiome has agreed to acquire Correvio in exchange for 19.9 per cent of Cardiome's outstanding shares and US$12 million in deferred cash compensation.
The cash is to paid monthly instalments of 10 per cent of cash receipts from product sales and any applicable interest accrued at 10 per cent, compounded annually.
It must be paid in full by Dec. 1, 2019.