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Travere Sells Bile Portfolio

BIOTECH: Deal with Mirum Worth Potential $445M

In a move to add more runway and focus to its portfolio of more recently launched therapies and pipeline of ones under development, Travere Therapeutics is letting go of its bile acid assets.

The San Diego-based specialists in drug development for rare diseases announced July 17 it had entered into a definitive agreement to sell its FDA-approved Cholbam, a treatment for patients with bile acid synthesis disorders, and Chenodal, a synthetic bile acid treatment for people with radiolucent stones in the gallbladder, to Bay Area-based Mirum Pharmaceuticals.

Under the terms of the agreement, Mirum will acquire Travere’s rights to the bile acid product portfolio for an upfront payment of $210 million. Travere will also be eligible for up to $235 million in sales-based milestone payments based on annual net sales thresholds tiered from $125 to $500 million. The transaction is expected to close in the third quarter of 2023, subject to regulatory clearance and customary closing conditions.

Eric Dube Ph.D.
President & CEO
Travere Therapeutics, Inc.

“This agreement is an important step forward in Travere’s strategy to deliver our pipeline of innovative medicines to patients living with rare diseases,” said Eric Dube, president and chief executive officer of Travere Therapeutics.

Travere’s remaining pipeline of medicines includes the recently FDA-approved and commercially launched FILSPARI, a treatment for kidney disease IgA nephropathy. Travere is also pursuing approval for FILSPARI’s active ingredient sparsentan as a treatment for focal segmental glomerulosclerosis (FSGS),  a rare type of kidney disease that causes scarring in the filters of the kidney. The company is also developing the compound pegtibatinase for the treatment of classical homocystinuria, a rare condition where the body can’t process the amino acid methionine.

“Our strategy is to deliver a pipeline of innovative medicine to patients living with rare diseases.  This agreement is an important step forward in our ability to advance that strategy,” Dube said. We are focused on maximizing the growth potential of our organization which is anchored by the ongoing and successful launch of FILSPARI, a medicine that we believe has blockbuster potential. The agreement with Mirum positions us very well to be able to continue to execute on our strategy and strengthen our focus with increased financial flexibility to invest in the success of our pipeline and our programs.”

Likeminded Companies

In Mirum, Travere found a company with a likeminded mission to treat rare diseases, although its focus is on rare liver diseases. The company has an approved medication for treating severe itching in patients with Alagille syndrome, and its pipeline includes two investigational treatments for debilitating liver diseases that utilize compounds known as ileal bile acid transporters.

Chris Peetz
President & CEO
Mirum Pharmaceuticals

“The addition of the bile acid replacement therapies from Travere will strengthen our pipeline and offer an opportunity to leverage our unique expertise in the development and commercialization of treatments in rare and underserved liver diseases,” said Chris Peetz, president and chief executive officer at Mirum. “This synergistic acquisition of the bile acid portfolio … will help to reinforce our leadership position in pediatric hepatology. We look forward to building on the meaningful work initiated by the talented Travere team and delivering on our commitment to advancing research and bringing treatments to rare liver disease patients in need.”

Dube described Mirum as an ideal company to take over its bile acid portfolio.

“It was important for us to find a company that shared in our purpose and our values and that was as dedicated to the patient community as Travere,” he said. “The bile acid product portfolio has been an important element of how we have developed our leadership position, and as a leader in rare liver diseases we believe Mirum is the best company to build on the successful foundation we have set.”

Travere Therapeutics, Inc.

FOUNDED: 2011, rebranded in 2020
CEO: Eric Dube, Ph.D.
HEADQUARTERS: San Diego
BUSINESS: Researcher, maker of therapies for rare diseases.
REVENUE: $210 million (2022)
STOCK: TVTX (NASDAQ)
EMPLOYEES: 400+
WEBSITE:  travere.com
NOTABLE: In 2022, Travere won the PM360 Trailblazer Specialty Pharma/Biotech Company of the Year Award for its work in rare disease.

 

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