--- title: "Mirum proposes $600.0 million convertible notes offering" url: "https://aibio.space/news/mirum-proposes-600-0-million-convertible-notes-offering/" 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/d113366dex991.htm" summary: "Mirum plans to sell $600.0 million of convertible senior notes due 2032, with an option for up to $90.0 million more. Part of the proceeds would go toward" --- By the aibio.space news desk. Sources - [Mirum Pharmaceuticals, Inc. 8-K (2026-05-18)](https://www.sec.gov/Archives/edgar/data/1759425/000119312526228902/d113366dex991.htm) [MIRM](https://aibio.space/companies/mirum-pharmaceuticals/) 2026-05-12 # Mirum proposes $600.0 million convertible notes offering Tickers [MIRM](https://aibio.space/companies/mirum-pharmaceuticals/) Mirum plans to sell $600.0 million of convertible senior notes due 2032, with an option for up to $90.0 million more. Part of the proceeds would go toward exchanges of its 2029 notes. ## Key facts - **Company**: Mirum Pharmaceuticals, Inc. (NASDAQ: MIRM) - **News type**: Debt Financing - **Primary source**: [Mirum Pharmaceuticals, Inc. 8-K (2026-05-18)](https://www.sec.gov/Archives/edgar/data/1759425/000119312526228902/d113366dex991.htm) *An executive reading charts on a tablet. Photo: Olu Eletu, CC0, via StockSnap. The picture shows the field, not the companies named.* ## The proposed offering Mirum Pharmaceuticals, Inc. announced on May 12, 2026 that it intends to offer $600.0 million aggregate principal amount of convertible senior notes due 2032 in a private placement to qualified institutional buyers under Rule 144A. The company also expects to grant the initial purchasers an option to buy up to an additional $90.0 million of notes, for settlement within 13 days from, and including, the date the notes are first issued. The notes would be senior, unsecured obligations and pay interest semi-annually in arrears. They mature on June 1, 2032, unless they are converted, redeemed or repurchased earlier. Mirum may settle conversions in cash, in shares of common stock or in a combination, at its election. The interest rate, initial conversion rate and redemption terms will be set at pricing. The announcement does not name the initial purchasers, and it names no placement agent or advisor for the offering. The offering is not contingent on the note exchanges described below. ## The exchanges and the hedges Mirum expects to use part of the net proceeds to pay the cash portion of note exchange transactions for its outstanding 4.00% convertible senior notes due 2029, and it expects to issue common stock in those exchanges. The remaining proceeds would go to general corporate purposes, which may include acquisitions of complementary products, technologies, intellectual property or businesses. The company says no assurance can be given on how much of the 2029 notes will be exchanged. The release also warns about hedging. Holders of 2029 notes who agree to exchange and who have hedged their equity price risk are expected to unwind those hedges by buying common stock or entering into derivative transactions around pricing. The company says the purchases may be substantial in relation to the historical average daily trading volume and could raise the stock price, producing a higher effective conversion price for the notes. It cannot predict their size or effect. ## The company and its products Mirum describes itself as a biopharmaceutical company focused on rare diseases. It has three approved medicines: Livmarli (maralixibat), Cholbam (cholic acid) and Ctexli (chenodiol). Livmarli is marketed for cholestatic pruritus in Alagille syndrome and progressive familial intrahepatic cholestasis. Its candidate volixibat, an oral IBAT inhibitor, is being studied in primary sclerosing cholangitis and primary biliary cholangitis. The 10-K describes the volixibat Phase 2b trials as adaptive and potentially registrational, and says volixibat has FDA breakthrough therapy and orphan drug designation for cholestatic pruritus in PBC based on what it calls a positive interim analysis of the VANTAGE Phase 2b study, and that it has also completed what it calls a successful interim analysis of the VISTAS Phase 2b study in PSC. It says the VISTAS Phase 2b trial in PSC finished enrollment in the third quarter of 2025, with top-line results expected in the second quarter of 2026. The VANTAGE trial in PBC is expected to complete enrollment in the second half of 2026. Mirum completed the acquisition of Bluejay Therapeutics on January 23, 2026. That brought in brelovitug, an antibody for chronic hepatitis D, which has FDA Breakthrough Therapy designation. The 10-K says it is being evaluated in the global AZURE clinical program, with topline results from the AZURE-1 and AZURE-4 registration-enabling trials expected in the second half of 2026, so no registration-enabling results are in hand yet. The press release also lists zilurgisertib, an ALK2 inhibitor under regulatory review with the FDA for fibrodysplasia ossificans progressiva, and MRM-3379, a PDE4D inhibitor in the BLOOM Phase 2 study in Fragile X syndrome, with topline data expected in 2027. ## Losses and cash The 10-K filed February 25, 2026 reports research and development expense of $186.2 million for 2025, against $140.6 million for 2024. The net loss narrowed to $23.4 million in 2025 from $87.9 million in 2024. Cash provided by operations was $55.8 million in 2025, against $10.3 million in 2024. Year-end cash and cash equivalents were $222.5 million at the end of 2024, and short-term investments were $57.8 million. Cash from operations rose in 2025 while research and development expense also rose, from $140.6 million to $186.2 million. The company is now proposing $600.0 million of convertible debt that could be settled in shares. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story MIRM Mirum Pharmaceuticals, Inc. 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Cite as: aibio.space, "Mirum proposes $600.0 million convertible notes offering", 2026-05-12, https://aibio.space/news/mirum-proposes-600-0-million-convertible-notes-offering/