Mirum Pharmaceuticals Stock Price, News & Analysis

Mirum Pharmaceuticals has priced an offering of $275 million in 4.00% convertible senior notes due 2029, increased from an initial offering of $200 million. The settlement is scheduled for April 17, 2023. The notes, redeemable after May 5, 2026, will accrue interest at 4.00% annually, payable semi-annually. Mirum estimates net proceeds of approximately $265.5 million, intended for repurchasing revenue interests and general corporate purposes. The initial conversion rate is 31.5075 shares per $1,000 of notes, equating to an initial conversion price of around $31.74 per share, a 35% premium over Mirum's last share price of $23.51 on April 12, 2023.

Mirum Pharmaceuticals, Inc. (NASDAQ: MIRM) announced a proposed private offering of $200 million in convertible senior notes due 2029, with an option to purchase an additional $30 million. The notes are senior, unsecured obligations, maturing on May 1, 2029, and holders can convert them under certain circumstances. Mirum plans to use net proceeds primarily to repurchase revenue interests amounting to approximately $192.7 million and for general corporate purposes, including working capital and potential acquisitions. The offering is subject to market conditions and will not be registered under the Securities Act. Forward-looking statements indicate risks regarding market conditions and the successful application of proceeds.

Mirum Pharmaceuticals (MIRM) reported preliminary financial results for Q1 2023, with total revenue of approximately $31.5 million. This revenue includes about $29.0 million from net product sales and $2.5 million from license revenue. As of March 31, 2023, the company holds approximately $232.1 million in cash and cash equivalents. Operating expenses have shown consistent to moderate increases compared to the previous quarter. Additionally, Mirum provided updates on its ongoing clinical trials, specifically the VISTAS Phase 2b trial for volixibat in primary sclerosing cholangitis, with an interim analysis expected later in 2023. It's important to note that the financial estimates are unaudited and subject to change.