Mirum Pharma drops on announcing $600 mln convertible debt deal

ReutersMay 12, 2026 8:17 PM

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Shares of Mirum Pharmaceuticals MIRM.O drop 2% to $104.64 in extended trading as it seeks capital

MIRM announces private offering of $600 mln convertible bonds (CBs) due 2032

Co intends to use portion of net offering proceeds and issue common stock in exchange for a portion of its outstanding 4% CBs due 2029, remainder for general corp purposes

MIRM stock ended up 0.7% at $106.88 on Tues, up 35% YTD

Co last week said its rare liver disease drug, volixibat, met main goal in mid-stage study

Foster City, California-based co has $6.5 bln market cap

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

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