Mirum to acquire Travere's bile acid portfolio for up to $445M; raises $210M PIPE to fund

Mirum Pharmaceuticals, Inc.

Acquires Cholbam and Chenodal for $210M upfront plus up to $235M in sales-based milestones tiered from $125M to $500M in annual net sales.
Raises ~$210M via PIPE at $26.25/share (July 14 close) from Frazier Life Sciences, Avidity, BVF, Longitude, Sofinnova, and others.
Deal expected to close Q3 2023, subject to HSR clearance and customary conditions; Travere to provide transitional services.
Mirum to leverage rare liver disease expertise for Cholbam/Chenodal; also sponsors genetic testing program.
Travere divests to focus on FILSPARI launch, sparsentan in FSGS, and pegtibatinase; proceeds extend cash runway.

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

Mirum Pharmaceuticals, Inc. entered into Purchase Agreement with Travere Therapeutics, Inc. valued at up to $445,000,000 in cash, with $210,000,000 due at Closing and up to $235,000,000 after the Closin (effective 2023-07-16).

Action: entry
Agreement: asset purchase
Counterparty: Travere Therapeutics, Inc.
Value: up to $445,000,000 in cash, with $210,000,000 due at Closing and up to $235,000,000 after the Closin
Effective: 2023-07-16

Exact text from the filing

On July 16, 2023, Mirum Pharmaceuticals, Inc. (the “Company”) executed an Asset Purchase Agreement (the “Purchase Agreement”) with Travere Therapeutics, Inc., a Delaware corporation (“Travere”).

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

Mirum Pharmaceuticals, Inc. entered into Subscription Agreements with certain parties (the "PIPE Investors") valued at an aggregate purchase price of approximately $210,000,000 at a price per share equal to $26.25 (effective 2023-07-16).

Action: entry
Agreement: equity purchase
Counterparty: certain parties (the "PIPE Investors")
Value: an aggregate purchase price of approximately $210,000,000 at a price per share equal to $26.25
Effective: 2023-07-16

Exact text from the filing

Concurrently with the execution and delivery of the Purchase Agreement, certain parties (the “PIPE Investors”) have entered into subscription agreements (the “Subscription Agreements”) with the Company, pursuant to which they have agreed, subject to the terms and conditions of the Subscription Agreements, to purchase immediately prior to, but subject to, the consummation of the Asset Purchase, shares of the Company’s common stock, par value $0.0001 per share (the “PIPE Shares”) for an aggregate purchase price of approximately $210,000,000 at a price per share equal to $26.25, the closing price of the Company’s common stock on July 14, 2023 (the “Private Placement”).

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Mirum Pharmaceuticals, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-187712

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