US-based liver disease treatment developer Mirum Pharmaceuticals raised $120m yesterday in a series A round led by venture capital firm New Enterprise Associates (NEA) that included pharmaceutical firm Novo.
Hedge fund sponsor Deerfield Management, growth equity firm Frazier Healthcare Partners, investment firm Rock Springs Capital and life sciences venture capital firms Pappas Capital and RiverVest Venture Partners also took part in the round.
Mirum is working on Maralixibat, an oral inhibitor that could help prevent the build-up of bile acids that can cause intense itching for patients with cholestatic liver diseases. It could also have applications for liver disorders Alagille syndrome (ALGS) and progressive familial intrahepatic cholestasis.
The company disclosed the funding alongside a deal with pharmaceutical company Shire to license Maralixibat which will give Shire an equity stake in Mirum as well as upfront payment and potential milestone and royalty payments.
Maralixibat has achieved positive results from a phase 2b clinical trial for ALGS that was conducted by Shire. The licensing deal also gives it the development and marketing rights to another inhibitor, Volixibat.
Tiba Aynechi, a partner at Novo’s corporate venturing unit, Novo Ventures, is joining Mirum’s board of directors along with Ed Mathers from NEA, Patrick Heron from Frazier Healthcare Partners, Jonathan Leff from Deerfield and Niall O’Donnell from RiverVest.
