Mirum to buy bile acid portfolio from Travere Therapeutics for $445M

Mirum Pharmaceuticals (MIRM) and Travere Therapeutics (TVTX) announced that they have entered into a definitive agreement for the sale of Travere’s bile acid product portfolio that includes Cholbam and Chenodal, two medications addressing rare diseases in high-need settings. Under the terms of the definitive agreement, Mirum will purchase Travere’s bile acid product portfolio for $445M, consisting of $210M upfront and $235M in potential sales-based milestone payments. Mirum will acquire 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, or CTX. Mirum has secured $210M in funding from a syndicate of existing investors led by Frazier Life Sciences and other existing stockholders and new investors that include Avidity Partners, BVF Partners, Longitude Capital, Sofinnova Investments, Inc. and a healthcare investment fund to finance the upfront payment for the acquisition.