Mirum Pharmaceuticals Prices Upsized $275 Million Convertible Senior Notes Offering
April 13, 2023
Rare Daily Staff
Mirum Pharmaceuticals, a company focused on treatments for rare liver diseases, priced an upsized offering of $275 million aggregate principal amount of 4 percent convertible senior notes due 2029 in a private offering to qualified institutional buyers.
The issuance and sale of the notes are scheduled to settle on April 17, 2023, subject to customary closing conditions. Mirum also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from the date the notes are first issued, up to an additional $41.25 million principal amount of notes.
Mirum expects to use a portion of the net proceeds, approximately $193 million, to repurchase the revenue interests from a revenue interest purchase agreement it had entered in December 2020 with an affiliate of Oberland Capital Management.
The remaining proceeds will be used for general corporate purposes, including working capital, operating expenses and capital expenditures.
Mirum’s approved medication Livmarli (maralixibat) is an oral solution approved in the United States for the treatment of cholestatic pruritus in patients with Alagille syndrome three months of age and older, and in Europe for the same indication in patients two months of age and older. Mirum has submitted Livmarli for approval in the U.S. in cholestatic pruritus in PFIC for patients three months and older and in Europe in PFIC for patients two months and older.
Livmarli, an oral ileal bile acid transporter (IBAT) inhibitor, is also currently being evaluated in clinical trials for pediatric liver diseases that includes a phase 2b clinical trial for patients with biliary atresia. In addition, Mirum has an expanded access program open across multiple countries for eligible patients with ALGS and PFIC.
Mirum’s investigational oral IBAT inhibitor, volixibat, is being evaluated in two potentially registrational studies for adults with primary sclerosing cholangitis and with primary biliary cholangitis.
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