Mirum Pharmaceuticals, Inc. (MIRM): M&A transaction — Mirum acquires Travere's bile acid products Cholbam and Chenodal for $210M upfront plus $235M milestones

Mirum Pharmaceuticals, Inc.

Completed asset purchase of Cholbam and Chenodal from Travere for $210M cash at closing, with up to $235M in sales-based milestone payments.
Funded acquisition via $210M PIPE at $26.25/share from investors including Frazier Life Sciences, Avidity Partners, BVF Partners.
Products treat rare liver diseases: bile acid synthesis disorders, peroxisomal disorders; Chenodal in Phase 3 for cerebrotendinous xanthomatosis (CTX).
Travere received $210M upfront and is eligible for additional milestones; Mirum expects near-term label expansion opportunity for CTX.
Financial statements for the acquired business to be filed as an amendment to this 8-K within 71 days.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Mirum Pharmaceuticals, Inc. completed an acquisition involving Travere Therapeutics, Inc. for an upfront purchase price of $210,000,000 in cash (closed 2023-08-31).

Action: acquisition
Counterparty: Travere Therapeutics, Inc.
Consideration: an upfront purchase price of $210,000,000 in cash
Closing: 2023-08-31

Exact text from the filing

(the “Purchase Agreement”), dated July 16, 2023, by and between the Company and Travere. Under the terms of the Purchase Agreement, the Company paid an upfront purchase price of $210,000,000 in cash to Travere at the Asset Purchase Closing using cash and cash equivalents from the Company’s balance sheet. The Company may pay Travere up to $235,000,000 after the Asset

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Source: SEC EDGAR

accession 0001193125-23-228131

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