Mirum Pharmaceuticals, a US-based liver disease therapy developer backed by pharmaceutical firms Shire and Novo, has filed for an $86.3m initial public offering on the Nasdaq Global Market.
Founded in 2018, Mirum is developing drugs to treat orphan liver diseases. Part of the IPO proceeds will fund phase 3 clinical trials for its lead product candidate, Maralixibat, in progressive familial intrahepatic cholestasis and Alagille syndrome.
The company also intends to use the cash for phase 2 trials for a second candidate, a cholestatic liver disease treatment dubbed Volixibat, in intrahepatic cholestasis of pregnancy and primary sclerosing cholangitis.
Shire owns a 10.3% stake in Mirum having licensed Maralixibat to the company. The only external funding Mirum has raised is a $120m series A round in November 2018 that included a $15m investment by Novo, which holds 10.4% of its shares.
Venture capital firm New Enterprise Associates invested $30m to lead the series A and is the company’s largest shareholder, with a 20.8% stake, while Deerfield Management and Frazier Healthcare Partners each hold 17.3% stakes.
The series A was filled out by RiverVest Venture Partners, which owns a 9% share in the company, Rock Springs Capital and Pappas Capital.
The underwriters for the offering are Citigroup Global Markets, Evercore Group, Guggenheim Securities, Raymond James & Associates and Roth Capital Partners.
