Mirum Pharma dips on $600 mln convertible bond sale

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