Mirum Pharmaceuticals, Inc. (NasdaqGM:MIRM) entered into a definitive agreement to acquire Bile Acid Product Portfolio from Travere Therapeutics, Inc. (NasdaqGM:TVTX) for approximately $450 million on July 16, 2023. Under the terms of the definitive agreement, Mirum will purchase Travere?s bile acid product portfolio for up to $445 million, consisting of $210 million upfront and up to $235 million in potential sales-based milestone payments. To support the acquisition, Mirum secured $210 million 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 an undisclosed leading healthcare investment fund to finance the upfront payment for the acquisition. The net revenue of the Bile Acid Product Portfolio is $103 million in 2022. The transaction is expected to close in the third quarter of 2023, subject to regulatory clearance and customary closing conditions. The closing of the Asset Purchase was subject to the satisfaction of customary closing conditions, including the expiration of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976. Rama Padmanabhan and Charity Williams of Cooley LLP acted as legal advisor and Lazard Group LLC acted as financial advisor to Travere Therapeutics. For Mirum, Evercore is advising on the acquisition and Branden C. Berns of Gibson, Dunn & Crutcher is acting as legal advisor.

Mirum Pharmaceuticals, Inc. (NasdaqGM:MIRM) completed the acquisition of Bile Acid Product Portfolio from Travere Therapeutics, Inc. (NasdaqGM:TVTX) on August 31, 2023.