Travere to sell bile acid product portfolio for up to $445M to Mirum

Travere Therapeutics (TVTX) and Mirum Pharmaceuticals (MIRM) 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 up to $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. Transaction Details: Per the terms of the agreement, Mirum will acquire Travere’s rights to the bile acid product portfolio consisting of Cholbam and Chenodal. Travere will receive an upfront payment of $210 million and be eligible for up to $235 million in sales-based milestone payments based on annual net sales thresholds tiered from $125 to $500 million. Travere has also agreed to provide certain transitional services. The transaction is expected to close in the third quarter of 2023, subject to regulatory clearance and customary closing conditions.