--- title: "Mirum prices $600 million of 0% convertible notes" url: "https://aibio.space/news/mirum-prices-600-million-0-percent-convertible-notes-refinances-2029/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-05-12" section: "Debt Financing" tickers: "NASDAQ:MIRM" source: "https://www.sec.gov/Archives/edgar/data/1759425/000119312526228902/d113366dex992.htm" summary: "The notes carry no interest and convert at about $138.94 a share, a 30% premium to the May 12 price. Mirum swapped $237.2 million of 4% notes due 2029 for" --- By the aibio.space Mirum desk. Sources - [Mirum Pharmaceuticals (press release in Form 8-K)](https://www.sec.gov/Archives/edgar/data/1759425/000119312526228902/d113366dex992.htm) - [Mirum Form 8-K, May 2026](https://www.sec.gov/Archives/edgar/data/1759425/000119312526228902/d113366d8k.htm) - [Mirum second-quarter 2026 results](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000044/mirm-20260805xexx991.htm) [MIRM](https://aibio.space/companies/mirum-pharmaceuticals/) 2026-05-12 # Mirum prices $600 million of 0% convertible notes and refinances 2029 debt Tickers [MIRM](https://aibio.space/companies/mirum-pharmaceuticals/) The notes carry no interest and convert at about $138.94 a share, a 30% premium to the May 12 price. Mirum swapped $237.2 million of 4% notes due 2029 for cash and shares. ## Key facts - **Company**: Mirum Pharmaceuticals, Inc. (NASDAQ: MIRM) - **News type**: Debt Financing - **Primary source**: [Mirum Pharmaceuticals (press release in Form 8-K)](https://www.sec.gov/Archives/edgar/data/1759425/000119312526228902/d113366dex992.htm) *Planning on a whiteboard. Photo: Startup Stock Photos, CC0, via StockSnap. The picture shows the field, not the companies named.* Mirum Pharmaceuticals said on May 12 that it priced a [$600.0 million offering of 0.00% convertible senior notes due 2032](https://www.sec.gov/Archives/edgar/data/1759425/000119312526228902/d113366dex992.htm) in a private placement to qualified institutional buyers. The notes were set to settle on May 15, and the initial purchasers had a 13-day option to purchase up to $90.0 million more. The company later reported that it had issued [$690.0 million in total](https://www.sec.gov/Archives/edgar/data/1759425/000119312526228902/d113366d8k.htm), which includes the full exercise of the purchasers' option. The notes pay no regular interest, and the principal does not accrete. ## The details The notes mature on June 1, 2032, unless converted, redeemed or repurchased earlier. The initial conversion price is [about $138.94 per share](https://www.sec.gov/Archives/edgar/data/1759425/000119312526228902/d113366dex992.htm), a premium of roughly 30.0% over the last reported sale price of $106.88 on May 12. Mirum cannot redeem the notes at its election before June 6, 2029. Holders can convert only in certain circumstances before March 1, 2032, and Mirum can settle conversions in cash, shares or a mix. Part of the proceeds went to a refinancing. In privately negotiated exchanges, Mirum expected to use about $475.0 million of the proceeds and [issue 3,220,529 shares](https://www.sec.gov/Archives/edgar/data/1759425/000119312526228902/d113366d8k.htm) in exchange for about $237.2 million of its 4.00% convertible notes due 2029. The 8-K says a maximum of 6,455,778 shares could be issued on conversion of the new notes, based on the maximum conversion rate of 9.3562 shares per $1,000. The second-quarter report states that Mirum [settled $237.2 million](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000044/mirm-20260805xexx991.htm) of the 2029 notes, about 75% of the then-outstanding amount. Mirum said it would use the remaining proceeds for general corporate purposes, which may include acquiring complementary products, technologies, intellectual property or businesses. ## Context The financing arrived days after two data releases. On April 27, Mirum had reported [phase 2b results for brelovitug](https://www.sec.gov/Archives/edgar/data/1759425/000119312526179048/d116875d8k.htm) in hepatitis delta, and on May 4 it announced that the primary endpoint was met in the [phase 2b VISTAS study of volixibat](https://www.sec.gov/Archives/edgar/data/1759425/000119312526202609/d150234d8k.htm) in PSC. Mirum had [$391.4 million of cash and investments](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000044/mirm-20260805xexx991.htm) at the end of 2025. ## What it means for investors Zero-coupon converts carry no regular interest but cost shareholders in a different way. If the stock trades above the [$138.94 conversion price](https://www.sec.gov/Archives/edgar/data/1759425/000119312526228902/d113366dex992.htm), holders may convert and existing shareholders are diluted, and the principal is due in June 2032 if the notes do not convert. The exchange retired about [75% of the 4.00% notes](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000044/mirm-20260805xexx991.htm) then outstanding. The 8-K also shows the trade-off: more than 3.2 million shares were issued in the exchange. The filing lists acquisitions among the possible uses of the remaining proceeds, which could include complementary products, technologies, intellectual property or businesses. Mirum [named no target](https://www.sec.gov/Archives/edgar/data/1759425/000119312526228902/d113366d8k.htm). ## What to watch Mirum has dated clinical readouts ahead, including [AZURE-4 in the fourth quarter of 2026](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000049/mirm-20260925.htm) and VANTAGE in the first quarter of 2027. The company cannot redeem the notes before June 6, 2029. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story MIRM Mirum Pharmaceuticals, Inc. NASDAQ ยท United States Open the desk ## More from the Mirum desk Legal ### [Mirum sues Sandoz, Hetero, Biophore and Zydus in Delaware over generic Livmarli; trial set for 2028](https://aibio.space/news/mirum-sues-sandoz-hetero-biophore-zydus-delaware-generic-livmarli/) Aug 5, 2026 Debt Financing ### [Mirum proposes $600.0 million convertible notes offering](https://aibio.space/news/mirum-proposes-600-0-million-convertible-notes-offering/) May 12, 2026 Debt Financing ### [Pelthos amends Horizon venture loan, funds Loans E to H and adds Loans I and J](https://aibio.space/news/pelthos-amends-horizon-venture-loan-funds-loans-e-h-adds-loans/) Oct 30, 2026 --- Source page: https://aibio.space/news/mirum-prices-600-million-0-percent-convertible-notes-refinances-2029/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Mirum prices $600 million of 0% convertible notes", 2026-05-12, https://aibio.space/news/mirum-prices-600-million-0-percent-convertible-notes-refinances-2029/