Mirum Pharmaceuticals IPO: What You Need To Know

A late-stage biotech, which was spun-off from Shire, is testing the IPO market.

The IPO Terms

Foster City, California-based Mirum Pharmaceuticals is planning a 5-million share IPO at an estimated price range of $14-$16, according to an amended prospectus filed with the SEC July 8.

At the midpoint of the estimated price range, the size of the offering is $75 million.

It has applied for listing its shares on the Nasdaq under the ticker symbol MIRM.

The company said in the filing that certain of its shareholders, directors and their affiliated entities, have expressed interest in purchasing an aggregate of up to about $35 million worth of shares.

Citigroup, Evercore ISI and Guggenheim Securities are the lead underwriters for the offering.

The Company

Mirum is a biopharma company, which focuses on developing novel therapies for debilitating liver diseases. The company's pipeline consists of two clinical-stage product candidates having potential utility across a wide range of orphan liver diseases.

Maralixibat, a Phase 3 asset, is being evaluated in pediatric patients with progressive familial intrahepatic cholestasis, or PFIC and Alagille syndrome. Enrollment of patients in a Phase 3 trial has commenced in the second quarter for the former indication, while a Phase 3 trial for the latter indication is planned for the first half of 2020. Top-line data readout from the Phase 3 trial in PFIC is expected in late-2020.

Mirum is also developing volixibat for treating adult patients with cholestatic liver diseases, with the Phase 2 trials set to start in 2020 and clinical data expected in 2022.

The Finances

Mirum is yet to turn in revenues. For the three months ended March 31, the company reported a net loss of $5.98 million.

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