Travere sells Chenodal and Cholbam assets to Mirum for up to $445M cash

Travere Therapeutics, Inc.

Total consideration up to $445M: $210M at closing plus up to $235M in milestone payments tied to net sales.
Milestones triggered when annual net sales reach $125M-$500M; closing expected Q3 2023.
Assets include development, manufacturing, and commercialization rights for Chenodal and Cholbam (Kolbam).
Mirum to use specified efforts to achieve regulatory approval and milestones; termination date Oct 16, 2023, extended to Apr 16, 2024 for regulatory conditions.
Deal subject to HSR clearance, other consents; Travere provides transition services post-closing.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Travere Therapeutics, Inc. entered into Asset Purchase Agreement with Mirum Pharmaceuticals, Inc. valued at up to $445,000,000 in cash (effective 2023-07-16).

Action: entry
Agreement: asset purchase
Counterparty: Mirum Pharmaceuticals, Inc.
Value: up to $445,000,000 in cash
Effective: 2023-07-16

Exact text from the filing

On July 16, 2023, Travere Therapeutics, Inc. (the “Company”) executed an Asset Purchase Agreement (the “Purchase Agreement”) with Mirum Pharmaceuticals, Inc., a Delaware corporation (“Mirum”). Subject to the terms and conditions of the Purchase Agreement, at the closing (the “Closing”) of the transactions contemplated by the Purchase Agreement (the “Asset Purchase”), Mirum will purchase from the Company substantially all of the assets that are primarily related to the Company’s business of development, manufacture (including synthesis, formulation, finishing or packaging) and commercialization of Chenodal and Cholbam (also known as Kolbam, and together with Chenodal, the “Products”) for an aggregate purchase price, subject to certain adjustments pursuant to the terms of the Purchase Agreement, of up to $445,000,000 in cash, with $210,000,000 due at Closing and up to $235,000,000 after the Closing, upon the achievement of certain milestones based on specified amounts of annual net sales

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Source: SEC EDGAR

accession 0001193125-23-187704

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