BUZZ-Mirum Pharma dips on $600 mln convertible bond sale
Mirum Pharmaceuticals MIRM | 0.00 |
** Shares of Mirum Pharmaceuticals MIRM.O down 0.4% to $106.50 premarket after securing capital raise
** MIRM late Tues announced pricing private offering of $600 mln 0% convertible bonds (CBs) due 2032
** Initial conversion price of $138.94 represents 30% premium to stock's last close of $106.88
** Co expects to use approx $475 mln of net offering proceeds to repurchase a portion of its outstanding 4% CBs due 2029, and remainder for general corp purposes
** Foster City, California-based MIRM has $6.5 bln market cap
** Last week, co said its rare liver disease drug, volixibat, met main goal in mid-stage study
** Through Tues, MIRM stock up 35% YTD
** All 11 analysts are bullish on the stock including 4 "strong buy" ratings; median PT of $140 up from $128 a month ago, per LSEG data
