Business
Travere Therapeutics Completes Sale of Bile Acid Product Portfolio to Mirum Pharmaceuticals
• Travere received $210 million at closing and is eligible for up to $235 million in potential sales-based milestone payments• Mirum has acquired Travere’s
About this update from Travere Therapeutics, Inc.
[{"type":"text","content":"• Travere received $210 million at closing and is eligible for up to $235 million in potential sales-based milestone payments• Mirum has acquired Travere’s rights and assets related to Cholbam® and Chenodal®• Advances Travere’s strategy to deliver new treatment standards from its pipeline of innovative medicines for rare diseases and strengthens financial foundation• Expands Mirum’s leadership in rare liver disease with two additional commercial products and a near-term Phase 3 label expansion opportunity SAN DIEGO and FOSTER CITY, Calif., Sept. 05, 2023 (GLOBE NEWSWIRE) -- Travere Therapeutics, Inc. (NASDAQ: TVTX) and Mirum Pharmaceuticals, Inc. (NASDAQ: MIRM) today announced the completion of the previously announced 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 (the “Asset Purchase”). In connection with the closing of the Asset Purchase, Travere received an upfront payment of $210 million from Mirum, and remains eligible to receive up to $235 million in potential sales-based milestone payments. Mirum has acquired 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). The closing of the Asset Purchase was subject to the satisfaction of customary closing conditions, including the expiration of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976. In connection with the closing, Travere will provide certain transitional services to Mirum. About Cholbam® (cholic acid)The FDA approved Cholbam® (cholic acid) capsules in March 2015, the first FDA-approved treatment for pediatric and adult patients with bile acid synthesis disorders due to single enzyme defects, and for adjunctive treatment of patients with peroxisome biogenesis disorder-Zellweger spectrum disorder. The effectiveness of Cholbam® has been demonstrated in clinical trials for bile acid synthesis disorders and the adjunctive treatment of peroxisomal disorders. An est...