Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that it has acquired Satiogen Pharmaceuticals, Inc., a San Diego-based company. Satiogen, now a wholly-owned Mirum subsidiary, was an existing licensing partner for LIVMARLI® (maralixibat) oral solution and volixibat. Through the transaction, Mirum obtained all Satiogen licensing payments and Satiogen-owned intellectual property relating to LIVMARLI and volixibat.
“The acquisition of Satiogen is a strategic step that consolidates the economics of our commercial and pipeline programs,” said Chris Peetz, president, and chief executive officer of Mirum. “The Satiogen team laid some of the foundational groundwork for the potential for IBAT inhibitors in liver disease that is now translating to substantial benefits for patients and a successful launch of LIVMARLI in Alagille syndrome. We thank the Satiogen team as we build on their work to continue to advance important therapies for rare diseases.”
The transaction will result in a reduction of total licensing royalty obligations for LIVMARLI and volixibat to high single digit to low teens. The total potential consideration for the acquisition consisted of a combination of 841,792 shares of common stock, 199,993 of which is subject to achievement of a milestone, and approximately $2.8 million in cash in respect of an equivalent amount of cash on the books of Satiogen acquired by Mirum at the closing. Mirum will wholly own the Satiogen subsidiary, which will receive a 2% royalty.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, the expected reduction to Mirum’s total licensing royalty obligations, the expected benefits of the acquisition transaction on Mirum’s business and operations, including consolidation of the economics of Mirum’s commercial and pipeline programs, the anticipated impact for patients with liver disease and the launch of LIVMARLI, Mirum’s continued advancement of therapies for rare disease and the potential success and impacts of Mirum’s IBAT programs. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “will,” “anticipate,” “expect,” “potential,” and “intend” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Mirum’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with Mirum’s business in general, the impact of the COVID-19 pandemic, and the other risks described in Mirum’s filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. Mirum undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
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Source: Biospace