Mirum Pharmaceuticals’ $120 Million Round Funding

Cooley advised Mirum Pharmaceuticals on its $120 million Series A financing.

Mirum Pharmaceuticals today has secured $120 million in Series A financing to support development of its lead drug candidate maralixibat for rare cholestatic liver diseases. The financing was led by New Enterprise Associates (NEA) with participation from Deerfield Management, Frazier Healthcare Partners, Novo Holdings A/S, Pappas Capital, RiverVest Venture Partners and Rock Springs Capital. The following have been appointed to Mirum’s board of directors in conjunction with the financing: Ed Mathers, partner NEA; Patrick Heron, managing general partner, Frazier Healthcare Partners; Jonathan Leff, partner, Deerfield; Tiba Aynechi, Ph.D., partner, Novo Ventures; and Niall O’Donnell, Ph.D., managing director, RiverVest.

Mirum also announced it has entered into an agreement with Shire for the exclusive global rights to develop and market maralixibat, an oral inhibitor of the apical sodium dependent bile acid transporter (ASBT). Shire will receive an upfront payment, an equity position in Mirum and potential future milestone payments and royalties. Maralixibat is being developed for Alagille syndrome (ALGS) and progressive familial intrahepatic cholestasis (PFIC).

Maralixibat is under investigation to evaluate its ability to prevent accumulation of excess bile acids and control extreme itching associated with cholestatic liver diseases such as ALGS and PFIC. Maralixibat could be a first-in-class oral drug for these conditions, pending regulatory authority approval. While Mirum plans to initially focus its efforts in these two pediatric indications, there is also potential to develop it for additional pediatric and adult cholestatic liver disease indications. Maralixibat has been administered to more than 230 cholestatic patients to date, providing an extensive safety data set.

Cooley advised Mirum Pharmaceuticals with a team including Jason Kent (Picture), Kay Chandler, Terren O’Connor and Melinda Foletta.

Involved fees earner: Jason Kent – Cooley LLP; Kay Chandler – Cooley LLP; Terren O’Connor – Cooley LLP; Melinda Foletta – Cooley LLP;

Law Firms: Cooley LLP;

Clients: Mirum Pharmaceuticals, Inc.;

Author: Ambrogio Visconti