Business
Mirum Pharmaceuticals Enters Agreement to Acquire Bile Acid Product Portfolio for the Treatment of Rare Liver Diseases from Travere Therapeutics
Mirum to acquire all of Travere’s rights and assets related to Cholbam® and Chenodal® Travere to receive up to $445 million with $210 million upfront and up
About this update from Mirum Pharmaceuticals, Inc.
[{"type":"text","content":"\n\nMirum to acquire all of Travere’s rights and assets related to Cholbam® and Chenodal®\n\n\n\nTravere to receive up to $445 million with $210 million upfront and up to $235 million in potential sales-based milestones\n\n\n\nMirum announces concurrent private placement of $210 million, funding upfront payment\n\n\n\nExpands Mirum’s leadership in rare liver disease with two commercial products and a near-term Phase 3 label expansion opportunity\n\n\n\nAdvances Travere’s strategy to deliver new treatment standards from its pipeline of innovative medicines for rare diseases and strengthens financial foundation\n\n\n\nMirum to host conference call today, July 17, 2023, at 8:30 a.m. ET/5:30 a.m. PT\n\n\n\n FOSTER CITY, Calif. & SAN DIEGO--(BUSINESS WIRE)--\nMirum Pharmaceuticals, Inc. (NASDAQ: MIRM) and Travere Therapeutics, Inc. (NASDAQ: TVTX) today announced that they have entered into a definitive agreement for the sale of Travere’s bile acid product portfolio that includes Cholbam® (cholic acid) and Chenodal® (chenodiol), two medications addressing rare diseases in high-need settings.\n\n\nUnder the terms of the definitive agreement, Mirum will purchase Travere’s bile acid product portfolio for $445 million, consisting of $210 million upfront and $235 million in potential sales-based milestone payments. Mirum will acquire Travere’s rights to Cholbam®, indicated for the treatment of bile acid synthesis disorders due to single enzyme deficiencies and adjunctive treatment of peroxisomal disorders in patients who show signs or symptoms of liver disease, and Chenodal®, indicated for the treatment of radiolucent stones in the gallbladder, which is also under Phase 3 clinical evaluation for cerebrotendinous xanthomatosis (CTX).\n\n\nMirum has secured $210 million in funding from a syndicate of existing investors led by Frazier Life Sciences and other existing stockholders and new investors that include Avidity Partners, BVF Partners, Longitude Capital, Sofinnova Investments, Inc. and a healthcare investment fund to finance the upfront payment for the acquisition.\n\n\n“The addition of the bile acid replacement therapies from Travere will strengthen our pipeline and offer an opportunity to leverage our unique expertise in the development and commercialization of treatments in rare and underserved liver diseases,” said Chris Peetz, pres...